SHANGHAI, Mar 9 (SMM) – A total of 88 vessels carrying 12.36 million mt of iron ore arrived at major Chinese ports during February 28-March 6, SMM estimates. This was down 560,000 mt from the previous week, but up 750,000 mt from the same period last year.
For the same week, iron ore deliveries leaving Australian ports declined 2.33 million mt on a weekly basis to 14.24 million mt. This was 2.89 million mt lower compared with the same period last year.
Shipments that departed Brazilian ports were estimated to increase 420,000 mt week on week to 6.89 million mt. This was 3.94 million mt higher than the same period last year.
Iron ore spot and futures prices are likely to fall in the near term as stricter production restrictions in Tangshan and Handan prompted local steel makers to slow down their procurements of iron ore. Besides, industrial enterprises in Tangshan are required to restrict production during March 9-11.