SHANGHAI, Dec. 9 (SMM) - Iron ore inventories at Chinese ports are expected to continue growing this week, and to climb above 100 million tonnes for the foreseeable future, Shanghai Metals Market foresees.
As of Dec. 4, iron ore stocks at China’s major ports totaled 88.45 million tonnes, up 2.45 million tonnes on a weekly basis, according to SMM data.
Domestic steel mills increased pickups of goods from ports last week as weather conditions improved, but still below normal level, SMM survey shows.
“Waning demand following unit maintenance and the increase in shipments by overseas miners will further grow iron ore inventories at ports,” SMM iron ore analyst expects.
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