China iron ore stockpile falls to lowest level in 11 months

Singapore

IRON ore inventories at ports in China, the largest importer of the steel-making raw material, fell to the lowest level in almost 11 months as mills replenished holdings after prices fell and local output slowed during the winter.

The stockpiles shrank 0.9 per cent to 100.6 million tons as at Jan 2, shrinking for a sixth week, according to data from Shanghai Steelhome Information Technology Co. That's the lowest level since Feb 14, and the sixth weekly drop is the longest run of declines since April 2013. Inventories dro…