Greater arrivals extend gains in iron ore port stocks

SHANGHAI, Aug 30 (SMM) – Inventories of iron ore across 35 Chinese ports rose for a second straight week this week, gaining 1.43 million mt from a week earlier to stand at 110.65 million mt as of Friday August 30, showed SMM data.

More arrivals at some ports in Shandong and along the Yangtze River bolstered overall port stocks this week, even as deliveries from those ports slightly expanded.

Port stocks declined 23.84 million mt from a year ago.

Iron ore deliveries leaving Tangshan ports continued to climb this week, despite deepened production curbs across the central and eastern parts of the city over the weekend.

Buying interest among steelmakers improved, on fears of possible limitations on road transport with only one month left before China celebrates the 70th anniversary of its founding at the start of October.