Iron Ore Arrivals at Chinese Ports Fell 2.55 million mt on Week

SHANGHAI, Sep 7 (SMM) - According to data tracked by SMM, 58 ships arrived at domestic main ports from August 30 to September 5. Arrivals of cargoes are estimated to stand at 9.48 million mt, down 2.55 million mt from the previous week and 4.62 million mt on the year.

Shipments that departed Australian ports were estimated to decrease 270,000 mt week on week to 17.26 million mt, up 2.81 million mt on the year, and that from Brazilian ports increased 260,000 million mt to 6.12 million mt on a weekly basis, down 1.48 million mt on the year. Sharp decline in arrivals of imported iron ore at ports is likely to slightly boost iron ore prices. Domestic mills cautiously restocked raw materials amid production restrictions. Thus, iron ore prices are unlikely to increase sharply.  Iron ore prices are expected to be supported by maintenance of berths in Brazil and pre-holiday restocking expectations by mills that is free from production restrictions.