Iron ore port stocks extended declines amid recovering transportation

SHANGHAI, Feb 21 (SMM) – Inventories of seaborne iron ore across 35 Chinese ports totalled 113.24 million mt as of February 21, down 1.31 million mt from a week ago and 18.31 million mt lower than a year ago, showed SMM data.

This marked the second straight week of declines. Low shipments from Australia and Brazil are likely to keep iron ore port stocks from increasing considerably in the short term.

Stocks increased slightly at Tangshan’s Jingtang port and Caofeidian port where more shipments arrived while cargo unloading efficiency picked up. 

SMM data also showed that daily average iron ore deliveries from the 35 ports increased 25,000 mt from a week ago to 2.6 million mt this week.

Looser curbs on road transport and lower truck freight charges lifted deliveries from ports in Tangshan and Shandong. Deliveries in some southern ports also recovered as steel mills restocked following a strong rally in futures prices.