SHANGHAI, Jan 21 (SMM) – SMM estimates that there were 81 vessels carrying 12.61 million mt of iron ore arrived at major Chinese ports during January 12-18, down 1.57 million mt from the week ended January 11. The decline followed after two consecutive weeks of increase in the iron ore arrivals.
During the same period, iron ore deliveries leaving Australian ports continued to fall by 470,000 mt on the week to 10.31 million mt, 4.6 million mt lower than the same period last year. Shipments that departed Brazilian ports were estimated to shrink 150,000 mt on the week, to 3.91 million mt, down 3.61 million mt from the same period a year earlier.
The continued decline in supply from Australia and Brazil will offer strong support to near-term prices of seaborne iron ore.