Australian cyclones, demand recovery to lower iron ore stocks at Chinese ports

SHANGHAI, Apr 4 (SMM) – Stocks of iron ore at Chinese ports are unlikely to grow further next week as tropical cyclones affected shipments from Australia, and as steel mills will stockpile for production recovery from winter curbs.

SMM data showed that iron ore stocks across 35 Chinese ports grew 1.54 million mt from last Friday to stand at 137.3 million mt as of Thursday April 4, bolstered by greater arrivals across major ports in the east, north and south.

Daily average iron ore deliveries leaving those ports increased by 9,000 mt from the prior week to 2.49 million mt this week. Deliveries from ports in Tangshan inched up as some steel mills recovered output from the heating season.