Iron ore inventory at 10 major ports slightly accumulated, stocks of four types of iron ore diverged

Published: Jun 14, 2024 17:58

Source: SMM

Save

The total iron ore inventories across the 10 major ports tracked by SMM increased by 390,000 mt WoW to 115.29 million mt.

The total iron ore inventories across the 10 major ports tracked by SMM increased by 390,000 mt WoW to 115.29 million mt. Stocks of different types are as follows: fines (87.18 million mt, +240,000 mt), iron ore concentrates (10.65 million mt, -260,000 mt), lump (12.61 million mt, +400,000 mt), and pellet (4.85 million mt, +10,000 mt).

This week, iron ore inventories at 10 ports continued to accumulate, but the growth slowed down. Fines and lump saw slight inventory accumulation, mainly affected by high port arrivals. Their inventories are expected to continuously rise. Imported iron ore concentrates, with a certain cost performance advantage over domestic ones, saw increased demand and a slight decline in inventory. Pellet inventory held flat WoW.

Looking ahead to next week, according to SMM, pig iron output may show a downward trend, reducing iron ore demand from steel mills. As a result, port inventories may continue to accumulate. Given the difference in cost-performance ratio, four types of iron ore are expected to diverge in stocks.

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

1 hour ago

[China Iron Ore Brief] Iron Ore Concentrates Prices May Be in the Doldrums Next Week

[China Iron Ore Brief] Iron ore concentrates prices in China pulled back notably this week. By region, prices in Tangshan, Qian'an, and Qianxi in Hebei dropped 10-15 yuan/mt; prices in Chaoyang, Beipiao, and Jianping in western Liaoning fell 5-10 yuan/mt; east China edged up 3-5 yuan/mt. Iron ore futures have been in the doldrums recently, suppressing local prices, and iron ore concentrates prices were generally in the doldrums this week. Looking ahead to next week, steel mill profits are expected to be under pressure, and steel mills are expected to have a strong desire to bargain down prices for iron ore concentrates.

1 hour ago

Ferrous Metals in the Doldrums at the Bottom in the Short Term [SMM Steel Industry Chain Weekly Report]

This week, ferrous metals continued to pull back, with coking coal and coke seeing the most notable correction. In the first half of the week, the Ministry of Industry and Information Technology issued a notice on the implementation measures for capacity replacement in the steel industry, proposing that the capacity replacement ratio for ironmaking and steelmaking should be no less than 1.5:1. The further tightening of capacity replacement requirements had a longer-term impact. Meanwhile, macro markets outside China experienced significant fluctuations, and market expectations for ex-China "interest rate hikes" strengthened. In the second half of the week, data on the five major steel products were released, showing production increased somewhat while inventory continued to decline. Spot market side, traders began to show some flexibility on prices, the spot-futures price spread for hot-rolled coil continued to narrow, some spot-futures arbitrage traders mainly cut losses with shipments, and end-users continued to restock on an as-needed basis...

1 hour ago

MMi Daily Iron Ore Report (May 22)

Iron ore futures weakened today, with the most-traded contract I2609 closing at 792 yuan/mt, down 0.13% from the previous trading session. Port spot prices were basically flat compared to the previous day.

1 hour ago