Iron ore stockpiles at China's ports down 1.35 pct
Shanghai. October 23. INTERFAX-CHINA - Iron ore stockpiles at China's 22 major ports decreased by 1.35 percent from Oct. 16 to 68.7 million tons on Oct. 23, of which there were 12.8 million tons of Indian iron ore stockpiles, down 5.4 percent, according to figures released by Shanghai-based Mysteel Information.
Chinese steel mills are unlikely to reduce production at the current steel product price levels, while the world's three major iron ore miners are now selling low volumes of iron ore on the domestic spot market. Therefore domestic spot iron ore supply is relatively short and spot iron ore prices may continue to rise in the short term.
The average delivery price for Indian iron ore grading 63 percent stood between RMB 710 ($103.99) and RMB 720 ($105.46) per ton on Oct. 23, up RMB 10 ($1.46) from Oct. 16. The price of Indian iron ore grading 58 percent stayed between RMB 590 ($86.42) and RMB 600 ($87.88) per ton on Oct. 23, up RMB 20 ($2.93) from Oct. 16.
Iron ore freight rates from Brazil's Tubarao Port to Beilun and Baoshan ports increased by 14.51 percent from Oct. 16 to $31.46 per ton on Oct. 22, while freight rates from Western Australia to Beilun and Baoshan ports were $12.34 per ton on Oct. 22, up 10.59 percent from Oct. 16, according to the latest information from Mysteel.
The table below shows stockpile figures at China's 22 ports on Oct. 23.
Iron ore stockpiles at China's 22 ports, Oct. 23, 2009
|Port||Iron ore stockpiles by Oct 23 (mln tons)||Australian ore(mln tons)||Brazilian ore(mln tons)||Indian ore(mln tons)||Detainment|
|Jingtang Port||3.49||0.4||N/A||2.5||2 - 3 days|
|Caofeidian Port||5.4||2.7||2||0.25||8 - 9 days|
|Shanghai Luojing Port||0.8||N/A||N/A||N/A||N/A|