Iron ore arrivals at Chinese ports rose 730,000 mt on week

SHANGHAI, Jul 6 (SMM) – A total of 86 vessels carrying 13.61 million mt of iron ore arrived at major Chinese ports during June 27-July 3, SMM estimates. This was up 730,000 mt from the previous week, and down 2.18 million mt from the same period last year.

For the same week, iron ore deliveries leaving Australian ports fell 1.89 million mt on a weekly basis to 17.57 million mt. This was basically flat from the same period last year.

Shipments that departed Brazilian ports were estimated to decrease 370,000 mt week on week to 7.03 million mt. This was slightly higher than the same period last year.

Some steel enterprises that limited production in the early stage resumed production one after another after July 1, which led to the strong performance of iron ore contracts and spots. Although some areas have successively introduced measures to reduce crude steel output, the output reduction is more likely to be less than expected, which leads to the release of iron ore demand in the second half of the year. The iron ore market tends to rise in the near term, and still depends on the implementation of crude steel output reduction policies in various regions in the later period.