Iron Ore Arrivals at Chinese Ports Dropped Slightly, while Shipments from Australia and Brazil Increased

SHANGHAI, May  31 (SMM) - SMM data showed that a total of 81 ships arrived at major ports in China during May 23-29, carrying 12.25 million mt of iron ore, down 390,000 mt on a weekly basis and up 48,000 mt from a year ago. In the same period, shipments from Australia were 19.83 million mt, up 1.04 million mt week-on-week and up 4.27 million mt YoY; shipments from Brazil were 6.04 million mt, down 890,000 mt week-on-week and down 280,000 mt YoY. Shipments from Australia  continued to increase significantly. However, Brazil's shipments have declined. There is still some room for growth in overseas iron ore shipments. At present, the demand for iron ore is increasing steadily. Despite losses and high inventory, steel mills did not lower output, offering solid support to iron ore prices. However, considering that the current iron ore prices are inflated or policy intervention, it is expected that the iron ore prices will continue to fluctuate widely in the short term.