SHANGHAI, Mar 1 (SMM) – Daily iron ore deliveries leaving Chinese ports are unlikely to extend their gains next week as the upcoming two political sessions in Beijing and ongoing levelⅠemergency measures against heavy pollution in Tangshan would erode demand and impact transportation.
Iron ore deliveries leaving 35 major Chinese ports averaged 2.69 million mt per day in the week ended March 1, up some 70,000 mt from the previous week, SMM data showed.
Steel mills stepped up iron ore procurement after prices of futures rallied slightly in the second half of the week. This bolstered deliveries leaving major ports.
The two sessions, China’s annual legislative and political consultative sessions, are scheduled to take place in Beijing and open on March 5 and 3.
The city of Tangshan will implement levelⅠemergency measures against heavy pollution in March 1-6.
SMM data also showed that stocks of iron ore across those ports expanded 1.25 million mt from a week ago to stand at 133.57 million mt as of March 1, down 14.43 million mt from the same period after 2018’s Lunar New Year holiday.