SHANGHAI, Apr 14 (SMM) – A total of 89 vessels carrying 13.83 million mt of iron ore arrived at major Chinese ports during April 5-11, SMM estimates. This was up 400,000 mt from the prior week, and up 2.82 million mt from the same period last year.
For the same week, iron ore deliveries leaving Australian ports shrank 1.73 million mt from the previous week to 15.68 million mt, some 1.06 million mt higher than the same period last year. The proportion of Australian iron ore destined for China continued to rise to 88%.
Shipments that departed Brazilian ports were estimated to fall 860,000 mt from the prior week to 4.76 million mt. This was 730,000 mt higher than the same period last year.
China’s demand for iron ore will increase in the short term with blast furnace steelmakers stepping up operations, but the demand growth will be capped in the medium-to-long run amid the fast spread of the global coronavirus outbreak. This, together with expectations of rising supply, will keep iron ore prices under pressure.