Stockpiles of iron ore at 25 major mainland ports rose last week, Xinhua reported Tuesday, citing the Xinhua-China iron ore index report. Inventories of imported iron ore at the ports increased by 1.56 million metric tonnes, or 1.86 percent, in the week to Dec. 23 to stand at 85.40 million metric tonnes, the report said. Steelmakers showed little desire to buy iron ore as the downstream market has not rebounded and most traders had a wait-and-see attitude, the report said. The drop in steel demand will have a negative impact on iron ore trading, it said.
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