Inventories of iron ore across Chinese ports rebounded this week, after three consecutive weeks of gains, as arrivals increased while steelmakers continued on-demand procurement.
SMM data showed that iron ore stocks across 35 Chinese ports increased by 1.12 million mt from a week ago to 115.51 million mt as of November 22, 15.85 million mt lower than a year ago.
There were 11.81 million mt of seaborne iron ore arriving at Chinese ports in the week ended November 16, according to SMM estimates. This was up 530,000 mt from the prior week, after shrinking for two weeks.
This week, iron ore deliveries from the 35 Chinese ports averaged 2.77 million mt per day, down 102,000 mt from the prior week, showed SMM data.
The daily average iron ore deliveries from ports in Shandong and Tangshan rose this week, however, as improved profits encouraged steel production and boosted demand for iron ore.
Iron ore port stocks are likely to continue to grow next week, in anticipation of a further increase in arrivals and continued caution about raw material procurement across steel mills.
The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.
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