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Iron ore inventory at 25 major Chinese ports drops

According to data, the inventory of iron ore at 25 major Chinese ports dropped by 0.7% week on week to 99.6 million tons in the week ends on December 12nd, 2011.

Meanwhile, this was the first time that the iron ore stocks decreased below 100 million tons.

It’s analyzed that the country’s declined crude steel output reduced steel mills’ interest to buy iron ore.

Meanwhile, China’s steel exports rose by 13.8% to 45.16 million tons in the first eleven months of this year. However, the country’s steel imports dropped by 4.2% to 14.39 million tons in the given period of time, according to China’s customs.

Industry sources indicated that because China’s domestic iron ore is cheaper than the imported material, Chinese steelmakers have reduced their purchase from overseas market.

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