Iron ore inventory at 35 domestic ports will start to pile up in November  

As of October 27, iron ore inventories across 35 domestic ports tracked by SMM totalled 105.75 million mt, down 4.4% MoM and 22.98 million mt YoY.

In the future, iron ore market will witness cooling downstream demand, falling pig iron output from a high point and steel mills’ cash strains. In November, stable overseas shipments will be reported, and cooler weather will be conducive to port operations. It is expected that supply and demand imbalance will escalate. In a word, iron ore inventories at 35 ports will start piling up.