Stockpiles of imported iron ore at major Chinese ports inched up 0.8 percent this week to end at 97.38 million tonnes, according to data issued on Friday by industry consultancy Mysteel. The increase was driven by a 4.7 percent increase in shipments originating from Brazil, which offset a decline in Australian ores over the week.
Brazil's Vale delivered 350,000 tonnes of iron ore to Dalian port on the north-east coast late in December, the first time one of the company's new megaships was allowed to dock in China. Sources said that the cargo was now being stored in a bonded warehouse in Dalian. Deliveries into China from Brazil are likely to slow in coming weeks, with shipments halted as a result of heavy rainfall.
Australia's Port Hedland, one of the world's biggest iron ore export terminals, was also closed for a day this week as a result of tropical cyclone Heidi. According to statistics issued by China's customs authority on Tuesday, iron ore imports stood at 64.09 million tonnes in December, down only fractionally from November despite slowing steel demand.