It is reported that the iron ore stock has dropped by 15 percent at China"s main ports in November.
The current stock is at about 62.7 million tons, while the previous number is 74 million tons. Most steel mills such as Baosteel Group and Magang are depleting the iron ore stock now, not importing new iron ore.
But the small steel makers are purchasing the stock gradually. It"s said the import will rebound after a few months when new orders arrive.
Nanjing Iron & Steel United Co said steel prices have bottomed out and production would recover this month though there are still 220 million tons of ore reserves in China now.