Iron Ore Inventory at Ports to Decline This Week

SHANGHAI, Mar 20 (SMM) -From a fundamental point of view, the arrivals at China’s major ports last week rose by more than 16% from a week earlier due to the increase in previous overseas shipments.

On the demand side, the pig iron output of blast furnace continued to rise, and the fluctuation of ore prices intensified during the week. And most of the steel mills purchased cargoes. The growth of downstream demand was slow but was still in line with market expectations. Steel mills are relatively optimistic. On the whole, although the profits of steel mills have weakened, there is still room for the growth of pig iron output.

Overseas shipments are still likely to decline due to poor weather conditions. It is expected that the inventory of 35 ports will still decline this week.