SHANGHAI, Dec 14 (SMM) – Iron ore port stocks rebounded this week as stricter enforcement of winter cuts lowered average deliveries departing ports in Tangshan.
Stocks across 35 major Chinese ports accumulated by 500,000 mt from a week ago to stand at 128.22 million mt as of Friday December 14, SMM data showed. Daily deliveries of iron ore leaving those ports averaged 2.45 million mt this week, down 86,000 mt from a week ago.
Port congestion at ports in Tangshan also lowered their daily average deliveries. In Shandong province, port inventories nudged up when deliveries leaving some ports increased while others declined.
Steel mills along the Yangtze River increased purchases, and this limited the decline in average deliveries departing major ports this week.
SMM expects limited seaborne arrivals for the second half of December unlikely to increase port stocks much next week.
