Iron ore inventories at China's major ports rose by 830,000 tonnes this week to end at 66.75 million tonnes, industry consultancy Mysteel said on Friday.
Stockpiles of ore originating from Brazil increased by 180,000 tonnes to 19.1 million tonnes, while Indian ore was up by 830,000 tonnes at 13.18 million tonnes.
Australian ore inventories fell by 480,000 tonnes to end at 21.95 million tonnes by the end of the week.
While domestic ore prices remained steady, the average price of imported iron ore increased 2.3 percent this week, according to Mysteel figures. Prices are 25.8 percent higher than December 2008.
On Thursday, Indian ore with 63.5 percent iron content was selling at 790-800 yuan at Shandong port, up almost 4 percent from a week ago, while Brazilian 65 percent ore cost 850-860 yuan, up 1 percent.
Traders said domestic steel mills had been replenishing stocks in preparation for an increase in prices in 2010.
In a note this week, Royal Bank of Scotland analysts said iron ore supplies would likely be stretched next year, largely as a consequence of growing Chinese demand.
They predicted that contract prices would likely rise by as much as 20 percent in 2010, revising their forecast up from the previous 10 percent.
Source: MySteel/Alibaba
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