As arrivals and shipments both fell, iron ore inventory at 35 ports dropped slightly

Published: Jun 14, 2024 17:57

Source: SMM

Save

As of June 14, iron ore inventories across the 35 Chinese ports tracked by SMM totalled 145.23 million mt, down 220,000 mt WoW but up 20.58 million mt YoY.

As of June 14, iron ore inventories across the 35 Chinese ports tracked by SMM totalled 145.23 million mt, down 220,000 mt WoW but up 20.58 million mt YoY. Daily iron ore port clearance volume was 2.995 million mt, down 33,000 mt MoM but up 18,000 mt YoY.

According to the SMM survey, there was a large number of ships waiting to unload this week, and port arrivals showed a slight downward trend. In terms of port clearance volume, as profits remained under pressure, steel mills made purchases as needed, with weak procurement enthusiasm. They kept raw material inventory at a low level, with some maintaining about one week of inventory. Therefore, iron ore port clearance volume showed a downward trend.

Looking ahead to next week, port arrivals are expected to return to normal levels. According to the SMM survey, as pig iron output still has an upward trend, port clearance volume is expected to inch higher. However, iron ore inventories at 35 ports are expected to increase again.

Market forecast Market review

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

8 hours ago

Ferrous Metals May Continue Trading at Elevated Levels in the Short Term [SMM Steel Industry Chain Weekly Report]

This week, ferrous metals retreated after a rapid rise. At the beginning of the week, the market said that Asia had shifted to coal-fired power generation due to a natural gas supply deficit, while Indonesia would increase coal production and impose export taxes. The rise in international coal prices was transmitted to China, and coking coal and coke led the gains in ferrous metals; mid-week, the Middle East situation remained volatile, and the U.S. and Iran held differing attitudes toward war, with ferrous metals consolidating at high levels; the pullback in the second half of the week was also mainly due to the weakening of the cost-side logic, as market rumors said long-term iron ore contract negotiations had been completed, expectations for tightening iron ore supply declined, and raw materials turned into the main driver of the pullback. In the spot market, speculative trading and end-user purchase sentiment improved in the first half of the week, while rigid demand remained dominant in the second half, and the spot-futures price spread widened somewhat......

8 hours ago

9 hours ago

Centralized Production Resumptions Conclude, Limiting Further Supply Increases from EAF Steel Mills

As of March 24, the operating rate of 50 electric-furnace steel mills nationwide mainly producing construction materials was 40.42%, up 1.78% WoW from the previous period; the capacity utilization rate was 41.75%, up 1.88% WoW from the previous period; and daily average production of construction materials was 93,000 mt, up 4,200 mt WoW.

9 hours ago

MMi Daily Iron Ore Report (March 27)

The iron ore futures rose in early trading before gradually retreating during the day. The main contract I2605 ultimately closed at 812 yuan/ton, down 0.49% from the previous trading session.

9 hours ago