As port arrivals increased significantly, iron ore inventory at the 35 ports continued to accumulate

Published: Jul 19, 2024 17:59

Source: SMM

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As of July 19, iron ore inventory at the 35 ports tracked by SMM was 147.59 million mt, up 1.38 million mt WoW and 25.55 million mt YoY.

As of July 19, iron ore inventory at the 35 ports tracked by SMM was 147.59 million mt, up 1.38 million mt WoW and 25.55 million mt YoY. The daily port clearance volume averaged 3.018 million mt, down 7,000 mt WoW and 3,000 mt YoY.

According to SMM, port arrivals stayed relatively high with a noticeable increase this week. Blast furnace pig iron output declined slightly. As the current profits remained under pressure, steel mills restocked as needed, resulting in a slight downward trend in port clearance volume. Therefore, port inventory continued to accumulate.

Looking ahead to next week, port arrivals are expected to remain relatively high. According to SMM, pig iron output may slightly increase. With the recent weak iron ore prices, steel mills may replenish inventory, driving port clearance volume up. However, considering that port arrivals remain relatively high, port inventory is expected to continue accumulating.

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