SHANGHAI, Oct 18 (SMM) – Iron ore deliveries from Chinese ports shrank this week, as restrictions on production and transport in the top steelmaking hub of Tangshan deterred steelmakers from purchasing raw materials.
Falling prices of imported iron ore also kept steel mills cautious about procurement.
SMM data showed that daily iron ore deliveries from 35 Chinese ports averaged 2.78 million mt in the week ended October 18, down 44,000 mt from the previous week but up 107,000 mt from the same period a year earlier.
Stocks of iron ore across those ports stood at 117.51 million mt as of October 18, up 870,000 mt from a week ago but down 15.21 million mt from a year ago.
Iron ore port inventories are likely to continue to grow, in anticipation of greater arrivals.