Iron ore stocks fall 2.4 pct in Chinese ports -Mysteel

SHANGHAI, Nov 6 - Imported iron ore inventories at major ports in China, the world's largest steel producer and ore consumer, fell 2.4 percent on the week to Friday, industry consultancy Mysteel said.

Demand for the steel ingredient stablised at high levels in China because of the country's record steel production in recent months, helping buoy spot prices for the ore and to reinforce the market's outlook on a price rise for the annual benchmark for the next fiscal year.

Indian ore with 63/63.5 percent iron content was quoted between $97 and $99 per tonne on Thursday, up from $93-$95 per tonne quoted a week ago, with some talk of deals above $100. [ID:nBOM542384]

Of the total 66.52 million tonne iron ore stockpile this week, 22.58 million tonnes were shipped from Australia, 19.1 million tonnes from Brazil and 12.37 million tonnes from India, Mysteel said, citing figures obtained from the ports.