Iron ore port stocks rebound as cargo unloading recovers

SHANGHAI, Aug 23 (SMM) – Inventories of iron ore across 35 Chinese ports rose 3.41 million mt from a week ago to stand at 109.21 million mt as of Friday August 23, showed SMM data, as the unloading of cargoes from stranded vessels recovered.

Port stocks declined 27.41 million mt from a year ago.

Iron ore deliveries from those ports sharply expanded this week, with the daily average volume climbing 502,000 mt from the prior week to 2.803 million mt, as lower stocks at steelmakers triggered restocking.

Daily iron ore deliveries leaving Chinese ports this week were 343,500 mt higher than the same period last year.

Major ports are expected to continue to see a large number of arrivals next week, while deliveries will likely fall after concentrated purchases by mills this week.