Iron ore arrivals at Chinese ports shrank for 2 weeks

SHANGHAI, Dec 31 (SMM) – SMM estimates that there were 80 vessels carrying 11.69 million mt of iron ore arrived at major Chinese ports during December 22-28, down 3.05 million mt from the week ended December 21. 

This marked the second consecutive week of decline, with significantly lower arrivals at ports in Shandong and Tangshan. 

Meanwhile, iron ore deliveries leaving Australian ports fell 1.03 million mt from the prior week to 13.65 million mt. Shipments that departed Brazilian ports were estimated to shrink by 460,000 mt on the week, to 5.38 million mt.

The combined shipments of iron ore from Australian and Brazilian ports stood 4.75 million mt lower from the same period a year earlier.

Lower shipments from Australia and Brazil together with smaller arrivals at Chinese ports are expected to support near-term prices of seaborne iron ore as Chinese steelmakers continue their pre-holiday stockpiling after the New Year's Day.