IRON ORE INVENTORIES EXCEED 100 MILLION T AND MAY HOLD DOWN PRICES

Iron ore inventories have exceeded 100 million tons at ports in China , which indicate that the supply rise is likely to hold down prices.

Data shows that China's iron ore inventories rose 1.6% to 100.45 million tons, touching an all-time high since March last year. The inventories rose 7.9% since the year beginning and have been equivalent to import volume of five weeks.

Soaring steel prices made Chinese steelmakers' one-day output create a record in April but steel output shrank 2.3% year on year in the first four months.