Iron ore arrivals at Chinese ports grow for three weeks

SHANGHAI, Aug 27 (SMM) – Some 68 vessels with 10.34 million mt of iron ore are expected to arrive at major Chinese ports during August 24-30, up 290,000 mt from 10.05 million mt during August 17-23, SMM data showed.

This marked the third consecutive week of increase, but at a slower rate compared with the previous gain of 880,000 mt. 

From August 24-30, volumes of iron ore departing Australian ports are likely to increase 530,000 mt to 15.87 million mt while those leaving Brazilian ports are likely to grow by 330,000 mt to 8.43 million mt. Rising deliveries are expected to weigh on iron ore prices in the near term.