Daily Average Port Pick-Up Volume at China's Main Ports on February 14

As of February 14, according to SMM data, the total inventory at 35 ports dropped to 149.55 million mt, down 360,000 mt MoM but up 21.36 million mt YoY. The daily average port pick-up volume of imported ore was 2.715 million mt, up 131,000 mt MoM but down 220,000 mt YoY. Port arrivals slightly declined this week; post-holiday restocking by steel mills drove the increase in port pick-up volume. Overall, port inventory showed an upward trend. Looking ahead to next week, due to the impact of previous shipments, port arrivals are expected to decline further, and port inventory may decrease further.