Iron ore arrivals at Chinese ports rose by 1.7 million mt on week

SHANGHAI, Feb 2 (SMM) – A total of 100 vessels carrying 17.08 million mt of iron ore arrived at major Chinese ports during January 24-30, SMM estimates. This was up 1.7 million mt from the previous week, and 5.43 million mt from the same period last year.

For the same week, iron ore deliveries leaving Australian ports increased 2.88 million mt on a weekly basis to 15.31 million mt, 960,000 mt higher than the same period last year.

Shipments that departed Brazilian ports were estimated to rise 1.68 million mt week on week to 7.76 million mt. This was nearly 3 million mt higher than the same period last year.

Iron ore port stocks are expected to build up in the near term as steel makers have gradually completed pre-holiday restocking, but this will have limited impact on prices as recent hurricanes in Australia post supply uncertainty.