There was noticeable increase in arrivals at the port, leading to a slight accumulation of iron ore inventory at Chinese ports

As of August 16th, the total inventory of 35 ports tracked by SMM reached 147.16 million tons, an increase of 490,000 tons compared to the previous period, and an increase of 29.83 million tons year-on-year; the shipments from ports imported ore was 3.086 million tons, an increase of 120,000 tons compared to the previous period, and a decrease of 88,000 tons year-on-year. During this period, the amount of ore arriving at the port increased significantly. In terms of port clearance, affected by the recent decline in ore prices, steel mills have had some replenishment demand, which has led to an increase in shipments from ports. Overall, port inventories last week once again showed an accumulation trend, and it is expected that the pressure of accumulated inventory in ports will remain high this week.