Iron Ore Arrivals Expected to Fall, SMM Foresees

The concentrate price index of domestic iron ore stood at 994.8 yuan/mt last week, up 7.4% from a week earlier. Domestic iron ore prices in the main regions rose 20-130 yuan/mt, mainly due to the following reasons. First, the steel mills have higher demand for iron ore after the National Day holiday. And the domestic ore output in some regions trended lower amid power rationing, torrential rain, transportation restrictions, but recovered slowly from the second half of last week. Meanwhile, the price increases of imported iron ore early last week boosted the domestic ore prices.

Offers of spot iron ore rose 5-10 yuan/mt on Monday May 14 as prices of futures continued to perform strongly

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A total of 73 vessels with 10.72 million mt of iron ore are expected to arrive at major Chinese ports during May 4-10, SMM learned.

Iron ore inventory at 35 Chinese ports amounted to 149.32 million mt as of Friday March 23, up 1.32 million mt from a week ago, SMM data showed.

China’s iron ore imports from Australia and Brazil accounted for 85 per cent of China’s total imports in August, up further from July’s 84.63 per cent, according to China Customs. 

Goldman Sachs expected iron ore price to extend declines, and to fall to $60 per tonne in late year.

Iron ore inventories at China’s ports kept falling this past week, Shanghai Metals Market data show, marking the ninth consecutive week’s decline. 

China imported 88.66 million tonnes of iron ore in August, up 2.79 per cent MoM, and up 1.07 per cent YoY, according to China Customs. 

China’s iron ore inventories at ports keep falling in the week ending Aug. 11 on a weekly basis, Shanghai Metals Market reports.