SHANGHAI, Jan 25 (SMM) – While CNY restocking across steel mills continued to erode iron ore port inventories this week, greater seaborne arrivals and the end of downstream purchases will accumulate stocks from next week, SMM expects.
Stocks across 35 major Chinese ports decreased by 1.11 million mt from a week ago to stand at 129.88 million mt as of Friday January 25, SMM data showed. Except for Rizhao port in the northern province of Shandong, inventories at major ports in the east and north shrank.
For the same period, average daily deliveries of iron ore departing the 35 ports grew 27,000 mt, to stand at 2.73 million mt.
Most downstream steel mills are expected to end their CNY restocking by the end of this week, SMM learned.
