[miningmx.com] – STOCKS of iron ore at Chinese ports fell to their lowest level for 11 months as mills replenished holdings after prices fell and local output slowed in the winter, said Bloomberg News.
The stockpiles dropped 0.9% to 100.6 million tons as of January 2, said the newswire citing data from Shanghai Steelhome Information Technology Co. This represents the lowest level of iron ore stocks since February 14 last year. The inventories are 12 percent lower after peaking at 113.7 million tons in July, it said.
Bloomberg News reported earlier that prices for iron ore opened 2015 with the largest weekly gain in 18 months amid speculation China would do more to spur economic growth.
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