Iron Ore Arrivals at Chinese Ports Down 0.47 million mt on Week

SHANGHAI, Jan 11 (SMM) – According to data tracked by SMM, 73 ships arrived at domestic main ports in January 3 – January 9. Arrivals of cargoes are estimated to stand at 11.07 million mt, down 0.47 million mt from the previous week and down 5.22 million mt year on year.

Shipments that departed Australian ports were estimated to decrease 3.75 million mt week on week to 17.5 million mt, up 1.32 million mt on the year. And that from Brazilian ports decreased 0.7 million mt to 4.89 million mt on a weekly basis, down 0.71 million mt on the year. The total arrivals of imported ore decreased from the prior week, and the combined shipments from Australia and Brazil also decreased significantly.

Recently, the environmental protection restrictions in north China loosened, and some blast furnaces resumed their production. Meanwhile, there still existed some restocking demand from steel mills ahead of the Chinese New Year. As such, the demand for iron ore rose, boosting ore prices. Furthermore, the shipments from Australia and Brazil decreased amid hurricane or rainstorm, reducing the total ore supply. Hence, the iron ore prices are likely to demonstrate some upside momentum in the short term.