Port cargo pick-up increased significantly, easing the pressure on iron ore port inventory accumulation

As of September 13, the total inventory at 35 ports monitored by SMM reached 150.72 million mt, unchanged WoW and up 35.3 million mt YoY. The daily average port cargo pick-up volume of imported ore was 3.033 million mt, up 114,000 mt WoW and down 50,000 mt YoY. During this period, port arrivals slightly increased. In terms of port pick-up, with the Mid-Autumn Festival and National Day holiday approaching, steel mills had low iron ore inventories and some restocking demand, which pushed up the port pick-up volume. Looking ahead to next week, Typhoon No. 13 "Bavi" is moving towards east China, which may affect port arrivals in the next two weeks and could potentially lead to a decline in port inventory.