SHANGHAI, Aug 24 (SMM) – Inclement weather lowered stocks of iron ore, across major Chinese ports and in daily deliveries from those ports on the week ended Friday August 24, SMM research found.
Stocks across 35 Chinese ports declined 1.34 million mt from a week ago to stand at 137.48 million mt as of August 24. Daily average volumes departing those ports also shrank 36,000 mt to 2.42 million mt, SMM data showed.
Daily average deliveries from ports in Tangshan rebounded on the week as the stormy weather subsided. However, volumes departing Tangshan's Caofeidian port dipped as production cuts were imposed steel mills in its vicinity.
Port inventory in Tangshan is expected to increase next week as more vessels arrive this week.