Iron ore stocks across Chinese ports shrink with limited seaborne arrivals

SHANGHAI, Dec 7 (SMM) – Iron ore stocks across 35 major Chinese ports decreased by 1.54 million mt from a week ago to stand at 127.72 million mt as of Friday December 7, SMM data showed.

Port stocks extended their declines this week as seaborne arrivals remained limited.

For the same week, daily deliveries of iron ore leaving the 35 ports averaged 2.53 million mt, down 10,000 mt from the previous week due to low buying interest among steelmakers earlier in the week.

Steelmakers’ procurement expanded later in the week and this recovered iron ore volumes that left ports in east and north China.

Demand for iron ore held stable this week despite the expectations of tougher winter cuts in Tangshan.

Iron ore port stocks are unlikely to grow in the near term in anticipation of limited seaborne arrivals.