Stockpiles of iron ore at 25 major ports in China rose slightly last week, up almost 1% to 74 million tonnes from the previous week ahead of holidays in China.
Chinese markets will close on Sept. 19 and 20 for the mid-Autumn festival and Oct. 1 to 7 for National Day holidays.
The price for 62% iron ore was unchanged at US$135 a tonne. The index for iron ore imports with a 58% Fe grade reached US$125.
For Australian producers, like Rio Tinto (ASX:RIO), with earnings around 80% of its profits from iron ore, BHP Billiton (ASX:BHP around 50% and Fortescue Metals (ASX:FMG) 100% of profits, when translated to an Australian dollar price of $142 a tonne - it is a great time to be shipping ore.
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