SHANGHAI, Dec 14 (SMM) – According to data tracked by SMM, 61 ships arrived at domestic main ports in December 6 – 12. Arrivals of cargoes are estimated to stand at 9.19 million mt, down 0.71 million mt from the previous week and down 5.46 million mt year on year.
Shipments that departed Australian ports were estimated to decrease 2.67 million mt week on week to 17.6 million mt, up 3.14 million mt on the year. And that from Brazilian ports decreased 1.53 million mt to 3.82 million mt on a weekly basis, down 3.47 million mt on the year. The total arrivals of imported ore dropped slightly from the prior week, and the combined shipments from Australia and Brazil also decreased significantly.
The Central Economic Working Conference concluded recently, signalling bullish macro news, which boosted market sentiment. Meanwhile, some steel mills in Tangshan have been advanced to Category C from Category D, indicating that the production restrictions may ease. The port inventory also grew at a slower pace. Hence, iron ore has gained support from multiple facets, and the prices are likely to move in the upside direction in the near term.
