Iron ore port inventory falls for three consecutive weeks

SHANGHAI, Jun 22 (SMM) – Iron ore inventories across 35 major Chinese ports fell over the week ended Friday June 22 as arrivals continued to shrink from the start of June, SMM learned. Port inventories have fallen for three consecutive weeks.

As of June 22, port inventories lost 2.20 million mt from a week ago and stood at 142.18 million mt, SMM data showed.

Meanwhile, daily average deliveries leaving those ports increased 80,000 mt to 2.52 million mt as deliveries from Rizhao and Qingdao ports in Shandong province recovered after the Shanghai Cooperation Organisation (SCO) Summit ended.

However, deliveries departing Jingtang and Caofeidian ports extended their declines as new rounds of production cuts were introduced in Tangshan, Hebei province from the end of May.