China iron ore port stocks declined for 4 consecutive weeks

SHANGHAI, Mar 9 (SMM) – Inventories of seaborne iron ore across 35 Chinese ports totalled 110.57 million mt as of March 6, which were 1.11 million mt lower than a week ago and 24.47 million mt lower than a year ago, showed SMM data.

This marked the fourth straight week of declines, even as stocks rose slightly at major ports in Shandong and Tangshan.

Daily average iron ore deliveries from the 35 ports decreased 83,000 mt from the previous week to 2.65 million mt in the week ended March 6. Despite low stocks on hand, steel mills restocked only as needed, as iron ore futures prices rebounded last week.