Build-up of iron ore inventory at 35 Chinese ports slowed

As of September 6, the total inventory at the 35 ports tracked by SMM was 150.72 million mt, up 250,000 mt WoW and up 35.05 million mt YoY. The daily average port pick-up volume of imported ore was 2.919 million mt, up 50,000 mt WoW and down 130,000 mt YoY. Last week, port arrivals remained at a relatively high level. On the port cargo pick-up side, recent iron ore prices have significantly declined again, coupled with low steel mill inventories and some restocking demand, leading to a slight increase in port pick-up volume. Overall, the accumulation rate of port inventory has decreased, but it is expected that the inventory may continue to accumulate in the future.