Severe inventory backlogs at ports appeared amid high port arrivals

As of March 8, iron ore inventory across 35 ports tracked by SMM totalled 138.06 million mt, up 2.59 million mt WoW and 4 million mt YoY. Daily average cargo pick-up from the ports was 2.835 million mt, up 15,000 mt WoW but down 25.4 million mt YoY. A large rise in port arrivals was reported last week. With more unloading volume at the ports, port inventory kept piking up. Iron ore price rout fuelled buying, gently increasing shipments from the ports. Overall, port inventory shot up amid high port arrivals.
Looking at this week, according to SMM's tracking of operation rate of BFs, a hike in the operation rate and pig iron output will add ore demand somewhat, which may make a push for daily average delivery from the ports. Short-term port arrivals may remain high. Overall, iron ore stocks at the ports may keep building up this week.