Imported iron ore stockpiles rise

Stockpiles of iron ore at 25 major Chinese ports rose last week, as steel companies were cautious about purchasing the raw material amid weak demand for steel, a report showed on Tuesday.

Inventories of imported iron ore at the ports stood at 75.81 million tonnes from July 2 to July 8, up 0.84 percent from the previous week, according to a report released by Xinhua News Agency.

The price index for 63.5-percent-grade iron ore imports rose 10 points from the previous week to 125 points. The index for 58-percent-grade iron ore increased 5 points to 109.

Affected by price rises in steel products during the past week, spot supplies of some imported iron ore were insufficient, causing traders to sell at higher prices, the report said.

"However, steel companies are still seeing weak demand for steel products, so they are mainly cautious about purchasing more iron ore," it said.

The report expects prices of imported iron ore to stabilize this week.