SMM: Iron Ore Prices Plunged 34% in A Month

SHANGHAI, Aug 18 (SMM) - Iron ore prices has fallen by 34% since late July according to SMM, and touched 9-month low near 800 yuan/mt as of the time of this writing.

According to data monitored by SMM, a total of 78 vessels carrying 12.49 million mt of iron ore arrived at major Chinese ports during August 9-15. The amount fell 2.68 million mt from the prior week and 2.32 million mt from the same period last year.

In the same period, iron ore deliveries leaving Australian ports decreased 4.39 million mt on the week to 14.24 million mt, and fell 2.07 million mt from the same period last year. While those leaving Brazilian ports declined 0.27 million mt on the week to 6.01 million mt, and fell 1.58 million mt from the same period last year.

SMM believes that exports from Australia has been negatively influenced by maintenance at ports. Near-term supply & demand pattern did not become worse as import arrivals at ports fell and demand stay weak amid blast furnace maintenance in Jiangsu and other places, dragging down iron ore prices.