The total iron ore inventories across the 10 major ports tracked by SMM increased by 390,000 mt WoW to 115.29 million mt. Stocks of different types are as follows: fines (87.18 million mt, +240,000 mt), iron ore concentrates (10.65 million mt, -260,000 mt), lump (12.61 million mt, +400,000 mt), and pellet (4.85 million mt, +10,000 mt).
This week, iron ore inventories at 10 ports continued to accumulate, but the growth slowed down. Fines and lump saw slight inventory accumulation, mainly affected by high port arrivals. Their inventories are expected to continuously rise. Imported iron ore concentrates, with a certain cost performance advantage over domestic ones, saw increased demand and a slight decline in inventory. Pellet inventory held flat WoW.
Looking ahead to next week, according to SMM, pig iron output may show a downward trend, reducing iron ore demand from steel mills. As a result, port inventories may continue to accumulate. Given the difference in cost-performance ratio, four types of iron ore are expected to diverge in stocks.
