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Home / Metal News / Inventories at Chinese Iron Mines Climb to 24.66 Mln tonnes in November, Says Steelease, Expecting Growth to Continue

Inventories at Chinese Iron Mines Climb to 24.66 Mln tonnes in November, Says Steelease, Expecting Growth to Continue

iconDec 2, 2014 10:38
Source:SMM
Inventories of iron ore at Chinese iron mines have climbed to 24.66 million tonnes in November, soaring 21.24 million tonnes year-on-year, Steelease survey shows.
SHANGHAI, Dec. 2 (SMM) – Inventories of iron ore at Chinese iron mines have climbed to 24.66 million tonnes in November, soaring 21.24 million tonnes year-on-year, Shanghai Metals Market’s ferrous branch Steelease survey shows.   
 
The surge in inventories, also up 600,000 tonnes month-on-month, is due mainly to falling demand and stocks-piling for winter sales at domestic iron mines, Steelease says.    
 
Sales of domestic ore came to a standstill since the second half of the year, especially from October, as the price of imported ore tumbled, according to Steelease survey. 
 
Inventories of iron ore at domestic iron mines are expected to continue rising in December, Steelease foresees, citing the end of winter stocks-building by steel mills, unit maintenance at mills and little chance of large production cuts at mines.   
 
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