Iron ore arrivals at Chinese ports shrank 1.17 million mt on week

SHANGHAI, Jun 8 (SMM) – According to data tracked by SMM, 86 ships arrived at domestic main ports from May 30 to June 5. Arrivals of cargoes are estimated to stand at 11.50 million mt, down 1.17 million mt from the previous week, and a decrease of 3.88 million mt from the same period last year.

Shipments that departed Australian ports were estimated to increase 310,000 mt week on week to 16.23 million mt, but down 2.83 million mt on the year, and that from Brazilian ports increased 780,000 mt to 7.1 million mt on a weekly basis, down 220,000 mt on the year.

The port arrivals decreased sharply on the week amid limited increment of imported ores from Australia and Brazil. However, the profits of steel mills are expected to further shrink amid the approaching off-peak season, which weighs on the iron ore prices.