Iron ore stocks at China's major ports rose 6 percent in the week to Friday to 62.53 million tonnes, Chinica Shipbuilders Ltd (Shanghai) said in a report. Over 3 million tonnes were delivered to ports last week.
Stocks at Rizhao, one of the two biggest iron ore ports, rose 700,000 tonnes to 10.1 million tonnes, slightly higher than the storage capacity. Waiting time for capesize vessels fell to 6 days, from 7 to 8 days a week earlier.
At Qingdao, the other biggest iron port, vessels have to wait for 3 to 4 days for berth, down from 5 to 6 days a week earlier, the report said.
Iron ore price negotiations between Chinese steel mills and big global miners are likely to end in April since the miners are dragging their feet, hoping for demand to recover, Liu Rujun, an executive with Hebei Iron and Steel Group, China's No.2 steel maker said.
Chinese spot steel prices edged down, falling for a fourth consecutive week, and some small producers are reportedly preparing to reduce output again, hit by mounting inventory and weak demand.
Source: Alibaba News Channel
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