SHANGHAI, Apr 12 (SMM) – Stocks of iron ore at Chinese ports fell as expected this week as tropical cyclones affected shipments from Australia, and as Vale’s dam disaster reduced supplies.
SMM data showed that iron ore stocks across 35 Chinese ports shrank 5.36 million mt from a week ago and 15.83 million mt from a year ago, and stood at 131.93 million mt as of Friday April 12. Stocks at major ports in the east and north fell significantly this week.
Daily average iron ore deliveries leaving those ports increased by 157,000 mt from the prior week to 2.64 million mt this week. Production recovery at steel mills bolstered iron ore purchases and drove daily deliveries from ports in the north back to normal levels.
Daily deliveries from ports are likely to hold largely steady as steel mills restock as needed.
