Greater proportion of Australian iron ore bound for China on week

SHANGHAI, Mar 3 (SMM) – SMM estimates that there were 57 vessels carrying 9.68 million mt of iron ore arrived at major Chinese ports during February 23-29, down 1.74 million mt from the week ended February 22 and down 1.07 million mt from the same period a year earlier. 

During the same period, iron ore deliveries leaving Australian ports fell 640,000 mt on the week to 13.81 million mt, but the proportion of shipments to China expanded to 87% from 81% in the previous week.

Shipments that departed Brazilian ports were estimated to extend increase by 1.07 million mt on the week, to 5.68 million mt. Iron ore deliveries leaving Australian and Brazilian ports were 3.45 million mt, or 15%, lower from the same period last year. 

SMM does not expect inventories of seaborne iron ore to rise significantly at Chinese ports in the near term as steel mills maintain stable demand for iron ore given current low in-plant inventories.