Iron ore stockpiles at the country’s 25 major Chinese ports declined last week amid increased trading, Xinhua news agency reported Tuesday, citing the Xinhua-China Iron Ore Index report. At the end of the Nov. 5-11 period, inventories of imported iron ore in the ports stood at 77.40 million tons, down 418,000 tons or 0.54 percent over the previous period, the report said. The price index for 62 percent grade iron ore rose 2 points from the previous week to 136. The index for 58 percent grade iron ore also increased 2 points to 124. The active trading was due to rising demand from both ore dressing manufacturers and traders, the report said. Analysts were quoted as saying steel prices will rebound in November and December as output may drop in the fourth quarter.
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