Stockpiles of imported iron ore at 33 major Chinese ports rose by 1.47M tonnes to 103.44M tonnes as of 3 November from the previous week, according to the Xinhua-China Iron Ore Price Index.

The price index for 62% Fe iron ore dropped from the previous week to 79, standing at $77.10 per tonne, nearly a 5.5-year low, according to The Steel Index.

Some steel mills are forced to cease production to ensure haze levels in Beijing are minimised during the upcoming APEC meeting, which led to the weak demand, stated Australia & New Zealand Banking in a report.

Xinhua's report attributed the softened demand to a slowing economy and mounting environmental pressure that is hurting the profit margin of the steel industry, and the imported iron ore price is projected to continue on a downward trend.