Imported iron ore stockpiles drop

BEIJING - Stockpiles of iron ore slid at 25 major Chinese ports during the week ending on Nov 12, according to Xinhua's latest iron ore price report, which was released on Tuesday.

Inventories of imported iron ore at the ports stood at 97.43 million metric tons, down 480,000 metric tons from a week earlier, the report said.

The price index for 63.5-percent-grade iron ore imports rose one point to 123 points during the period, while the index for 58-percent-grade imports also climbed one point to stand at 105 points, according to the report.

Import prices of iron ore were supported by speculations that the government may adopt more measures to bolster the slowing economy, Xinhua analysts said in the report, adding that the prices will be relatively steady in the near-term with the consumption off-season approaching.

China, the world's top iron ore consumer and buyer, imported 56.43 million metric tons of the raw material in October, falling 13.2 percent month on month. The average import prices dropped 9.45 percent from the previous month to stand at $104.9 per metric ton, according to the latest customs data.