Iron ore arrivals at Chinese ports shrank 1.46 million mt on week

SHANGHAI, Mar 23 (SMM) – A total of 88 vessels carrying 11.76 million mt of iron ore arrived at major Chinese ports during March 14-20, SMM estimates. This was down 1.46 million mt from the previous week, and largely unchanged from the same period last year.

For the same week, iron ore deliveries leaving Australian ports declined 1.22 million mt on a weekly basis to 15.56 million mt. This was 1.83 million mt lower compared with the same period last year.

Shipments that departed Brazilian ports were estimated to drop 190,000 mt week on week to 5.95 million mt. This was 1.17 million mt higher than the same period last year.

Lower shipments from Australia and Brazil supported iron ore prices. However, steel mills in Tangshan have been required to restrict production and reduce carbon emissions during March 20-December 31, which will weigh on iron ore prices.