Iron ore port stocks rebound after 2-week drop

SHANGHAI, Oct 19 (SMM) – Iron ore stocks across 35 Chinese ports increased 650,000 mt over the week ended Friday October 19 to 133.53 million mt. This rebound followed two consecutive weeks of decline, SMM data showed. 

Daily average deliveries departing those ports rose 3,000 mt to register at 2.65 million mt. Steelmakers continued to stockpile before winter cut set in, and this kept daily average deliveries at high levels. 

More vessels arrived at ports in Shandong province and along the Yangtze River, while limited ships arrived at Tangshan ports over the week. SMM expects the arrivals to rally in Tangshan next week, which will grow iron ore port inventories.