Iron ore inventories at 10 major Chinese ports continued to accumulate, with significant growth in fines and iron ore concentrates

Published: May 24, 2024 15:28

Source: SMM

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The iron ore inventories across the 10 major ports tracked by SMM increased by 1.78 million mt WoW to 113.31 million mt.

The iron ore inventories across the 10 major ports tracked by SMM increased by 1.78 million mt WoW to 113.31 million mt. Stocks of different types are as follows: fines (84.83 million mt, +1.18 million mt), iron ore concentrates (11.09 million mt, +970,000 mt), Lump (12.44 million mt, -140,000 mt), and pellet (4.95 million mt, -30,000 mt).

This week, inventories at ports continued to show an increasing trend. Steel mills have generally slowed down their procurement pace recently, leading to a significant stock accumulation in fines and iron ore concentrates. Lump demand was moderate with minimal inventory changes amid persisting environmental pressures in some regions. Steel mills increased procurement of imported pellets due to superior cost performance, helping pellet inventories fall.

Looking ahead, based on blast furnace operating rates tracked by SMM, the average daily pig iron output is expected to decline, pulling down iron ore pick-up volume from ports. Additionally, considering the possibility of continued port arrivals, port inventories may continue to accumulate. The demand for different types of iron ore may still diverge.

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