SHANGHAI, Nov. 5 (SMM) - Iron ore inventories at Chinese ports are expected to increase significantly in November, Shanghai Metals Market foresees.
Growing arrivals and production cuts at domestic steel mills will be two major reasons behind the estimated sharp increases in port inventories, SMM points out.
In 4Q, overseas ore suppliers usually ramp up shipments for year’s target, and shipments this November are estimated to arrive in large amounts after insignificant growth in October, SMM says.
As of late October, inventories of iron ore at Chinese ports were 81.48 million tonnes, according to SMM data.
Port inventories fell below 80.00 million tonnes in early month as steel plants replenished stocks after China’s National Day holiday from Oct. 1-7, but returned above 81.00 million tonnes as the month progressed, SMM data show.
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