Iron ore port inventories in China slightly reduced

As of August 9, SMM tracked a total of 146.68 million tons of inventory at 35 ports, a decrease of 0.61 million tons WoW and an increase of 30.32 million tons compared to the same period last year. The daily average port clearance volume of imported ore was 2.966 million tons, an increase of 0.069 million tons from the previous period and a decrease of 0.107 million tons compared to the same period last year. In this period, the amount of ore arriving at the ports significantly decreased. In terms of port clearance, due to the recent decline in ore prices, steel mills have shown a certain demand to replenish their inventory, which has led to an increase in port clearance volume. Overall, steel mill inventories are showing a destocking trend. Looking ahead to this week, it is expected that the amount of ore arriving at the ports may increase, and port inventories may accumulate once again.