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Iron ore inventory across 35 Chinese ports built up rapidly amid weak-than-expected post-holiday restocking

iconFeb 26, 2024 10:48
Source:SMM
As of February 23, iron ore inventory across 35 ports tracked by SMM totalled 132.64 million mt, up 4.46 million mt from pre-holiday level but down 5.47 million mt YoY.

As of February 23, iron ore inventory across 35 ports tracked by SMM totalled 132.64 million mt, up 4.46 million mt from pre-holiday level but down 5.47 million mt YoY. Daily average delivery from the ports was 2.6 million mt, down 331,000 mt from pre-holiday level and 473,000 mt YoY.

There was heavy piling-up of inventory at the ports last week, like ports along the Yangtze River and in North China. Port arrivals remained high. In Terms of shipments from the ports, a large erosion in demand from steel mills during the holidays and disrupted transportation amid weak fallout made a dent in shipments from the ports in various places. Therefore, iron ore stocks at the ports built up.

Looking at this week, a pullback in iron ore prices and short-term pig iron output of BFs will give a boost to demand from steel mills. Shipments from the ports may mount. Port arrivals will still stand high. Therefore, iron ore stocks at the ports may keep hiking.

Inventory

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