Arrivals of Imported Iron Ore at Chinese Ports Dropped Slightly, While Shipments from Australia and Brazil Rose Slightly

SHANGHAI, Jul 18 (SMM) – SMM data showed that a total of 78 ships arrived at major ports in China during July 11-17, carrying 11.66 million mt of iron ore, down 150,000 mt on a weekly basis and up 670,000 mt from a year ago. In the same period, shipments from Australia were 16.42 million mt, up 380,000 mt week-on-week, but down 1.15 million mt YoY; shipments from Brazil were 7.06 million mt, up 980,000 mt week-on-week, but down 460,000 mt YoY. Shipments from Brazil have increased for two consecutive weeks, while those from Australia have not reached the peak yet. In view of increasingly abundant supply and poor demand, iron ore prices will remain under pressure in the short term.