Iron ore, the surprise commodity performer of 2016, suddenly faces a stumbling block. Stockpiles held at China’s ports may soon expand to breach 100mn metric tonnes for the first time in a year as supplies increase, potentially weighing on prices.
The holdings surged 2.3% to 97mn tonnes last week, the highest since April 2015, according to Shanghai Steelhome Information Technology Co. After rising for the past three quarters, they may top 100mn tonnes in the coming months, according to MineLife Pty and Westpac Banking Corp.
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