SHANGHAI, Feb 1 (SMM) – Average daily iron ore deliveries leaving Chinese ports rose to a record high this week as steel mills stockpiled ahead of Chinese New Year.
Iron ore deliveries leaving 35 major Chinese ports averaged 2.81 million mt per day in the week ended February 1, a record high and up 79,000 mt from the previous week, SMM data showed.
Stocks of iron ore across those ports shrank by 2.01 million mt week on week to stand at 127.87 million mt as of Friday February 1, nearly flat with the level seen the same period before last year’s CNY break.
Prices of seaborne iron ore are expected to remain strong after CNY as mills will restock. Expectations of smaller supplies, following Vale’s production cut in the aftermath of the Brazil dam disaster, would continue to provide support to prices.
