Iron ore arrivals at Chinese ports rose by 2.03 million mt on week

SHANGHAI, Jan 12 (SMM) – A total of 101 vessels carrying 16.29 million mt of iron ore arrived at major Chinese ports during January 3-9, SMM estimates. This was up 2.03 million mt from the previous week, and 2.11 million mt from the same period last year. Arrivals plunged by more than 17% in Shandong.

For the same week, iron ore deliveries leaving Australian ports fell 2.49 million mt on a weekly basis to 16.18 million mt, 5.4 million mt higher than the same period last year.

Shipments that departed Brazilian ports were estimated to drop 2.53 million mt week on week to 5.6 million mt. This was 1.54 million mt higher than the same period last year.

Rising arrivals of iron ore at Chinese ports and virus-induced restrictions on transportation in some areas pressured spot and futures prices of iron ore. However, lower shipments from Australia and Brazil and expectations of pre-holiday stockpiling by steel makers lent support to iron ore prices.