Port Inventory and Port Pick-up Volume of Iron Ore on May 9

As of May 9, SMM data showed that the total inventory at 35 ports was 139.66 million mt, a decrease of 280,000 mt from before the holiday and a decrease of 350,000 mt WoW. The daily average imported ore port pick-up volume was 3.019 million mt, a decrease of 129,000 mt from before the holiday. Recently, global shipments have been at a relatively low level, with a slight overall decline in port arrivals. In terms of port cargo pick-up, steel mills intensified their restocking efforts before the holiday, but the pace of procurement slowed down after the holiday, leading to a downward trend in port pick-up volume. As a result, the overall port inventory showed a slight decline. Looking ahead to next week, it is expected that port arrivals will gradually return to normal. Additionally, with the expected decrease in blast furnace pig iron production at steel mills, the port pick-up volume may continue to decline, potentially leading to another increase in overall port inventory.