Iron ore stockpiles at major Chinese ports rise to 70.93 mln tons by July 31
Shanghai. July 31. INTERFAX-CHINA - Iron ore stockpiles at China's 22 major ports increased by 1.97 percent from July 24 to 70.93 million tons on July 31, of which there were 14.45 million tons of Indian iron ore stockpiles, up 0.98 percent, according to figures released by Shanghai-based Mysteel Information.
Domestic iron ore demand was strong over the past week, supported by rebounding steel product prices on the Chinese market. Current high imported iron ore prices have caused some Chinese steel mills to turn to domestically produced iron ore, bolstering prices.
The average delivery price for Indian iron ore grading 63 percent stood between RMB 750 ($109.77) and RMB 770 ($112.7) per ton on July 31 at ports in Shandong Province, up RMB 55 ($8.05) from July 24. The price of Brazilian fine grading 65 percent stayed between RMB 790 ($115.63) and RMB 800 ($117.09) per ton on July 31 at these ports, up RMB 60 ($8.78) from July 24.
Iron ore freight rates from Brazil's Tubarao Port to Beilun and Baoshan ports increased by 4.66 percent from July 23 to $37.42 per ton on July 30, while freight rates from Western Australia to Beilun and Baoshan ports were $14.33 per ton on July 30, up 5.84 percent from July 23, according to the latest information from Mysteel.
The table below shows stockpile figures at China's 22 ports on July 31.
Iron ore stockpiles at China's 22 ports, July 31, 2009
|Port||Iron ore stockpiles by Jul 31 (mln tons)||Australian ore (mln tons)||Brazilian ore (mln tons)||Indian ore (mln tons)||Detainment|
|Qingdao Port||9.7||3.8||4||0.9||4 - 5 days|
|Tianjin Port||5.49||2.6||0.9||1.55||12 days|
|Caofeidian Port||6||2.8||1.9||0.75||20 days|
|Rizhao Port||9.8||4.6||3.4||1.1||4 -5 days|
|Dalian Port||3.24||1.3||1.8||N/A||2 -3 days|
|Beilun Port||3.1||1.2||1.5||N/A||7 days|
|Shanghai Luojing Port||0.8||N/A||N/A||N/A||N/A|