Iron ore arrivals at Chinese ports plunged 4.08 million mt on week

SHANGHAI, Jan 26 (SMM) – A total of 95 vessels carrying 15.38 million mt of iron ore arrived at major Chinese ports during January 17-23, SMM estimates. This was down 4.08 million mt from the prior week but up 3.3 million mt from the same period last year.

For the same week, iron ore deliveries leaving Australian ports declined 1.27 million mt from the prior week to 12.43 million mt. This was 1.93 million mt higher than the same period last year.   

Shipments that departed Brazilian ports increased 90,000 mt from the prior week to 6.08 million mt. This was up 1.74 million mt from the same period last year.

Shipments from Australia started to decline from early January, leading to the sharp fall in iron ore arrivals at Chinese ports. Expectations of further drops in iron ore arrivals and strong pre-holiday restocking demand from steel makers are expected to continue to support ore prices.