Iron Ore Arrivals at Chinese Ports Down 1.92 Million mt on Week

SHANGHAI, Mar 1 (SMM) – According to data tracked by SMM, 61 ships arrived at domestic main ports in February 21-27. Arrivals of cargoes are estimated to stand at 9.32 million mt, down 1.92 million mt from the previous session and down 3.52 million mt year on year.

Shipments that departed Australian ports were estimated to rise 0.58 million mt week on week to 17.11 million mt, down 0.64 million mt on the year. And that from Brazilian ports added 1.16 million mt to 5.23 million mt on a weekly basis, down 1.25 million mt on the year. The total arrivals of imported ore dropped significantly from the prior session, while the combined shipments from Australia and Brazil rose palpably.

Currently speaking, the arrivals in China continued to fall amid seasonal factors. While the shipments from Australia rose for two straight weeks, and those from Brazil also gradually returned to normal after the rainy season in the country ended. In China, considering the upcoming Paralympic Games and Two Sessions, domestic iron ore demand will still be suppressed. As such, near-term iron ore prices will stay congested.