SHANGHAI, Oct 12 (SMM) – Iron ore stocks across 35 Chinese ports decreased 1.45 million mt over the week ended October 12 to 132.87 million mt, SMM data showed.
Daily average deliveries departing those ports lost 22,000 mt to register at 2.64 million mt. This remained at a high level as steelmakers stockpiled after the week-long National Day holiday.
Steel mills in Tangshan stepped up production ahead of winter cutbacks on October 18. Daily average shipments leaving Jingtang and Caofeidian ports both exceeded 300,000 mt and this shrank port stocks.
SMM does not expect inventories across ports to gain much in the short term. Stocks of several Australian products continued to fall on the week, with inventories of lump ore also dipping significantly as demand picked up. Stocks of Brazilian iron ore continued to grow.
