China iron ore port inventories rose on a dip in deliveries

SHANGHAI, Jul 17 (SMM) – Inventories of seaborne iron ore at Chinese ports continued to trend higher this week, as demand reduced slightly.

SMM data showed that iron ore stocks across 35 Chinese ports increased 1.48 million mt in the week ended July 17 to 102.9 million mt, following a 760,000 mt rise in the previous week. The stocks were 4.2 million mt lower than a year ago. Ports of Shandong and Tangshan all reported increases in stocks this week.

During the same week, iron ore deliveries from the 35 ports averaged 2.81 million mt per day, down 55,000 mt from the previous week, according to SMM data, as mills remained cautious about procurement.

Despite a dip in arrivals, inventories of seaborne iron ore at Chinese ports are expected to extend their increase as there are still cargoes stranded at some ports.