Import prices of iron ore climb last week

BEIJING - Inventories of iron ore at 25 of China's major sea ports rose to 96.21 million tons in the week ending Sept 5, according to the Xinhua-China Iron Ore Price Index released on Sept 6. 

The stock of imported iron ore last week was 270,000 tons higher than one week earlier, up 0.28 percent week-on-week, according to the index compiled by the Xinhua News Agency to track iron ore inventories and imports on Chinese spot markets. 

Prices of imported iron ore climbed last week. The price index for 63.5-percent-purity iron ore imports rose by one point to hit 187 points, while that for 58-percent-purity iron ore imports increased by two points to reach 156 points. 

Xinhua analysts expect that import prices of iron ore will remain high or continue to rise, as many affordable housing projects will break ground over the next three months, boosting steel producers' demand for the key industrial ingredient. 

Steel companies in northern China tend to increase purchases of iron ore ahead of winter, which will also help spur demand for iron ore, analysts said.