Iron ore inventories across 35 ports in China decrease substantially, driven by sharp decline in arrivals and surge in cargo pick-up

Published: Sep 29, 2024 10:24

Source: SMM

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As of September 27, the total inventory at 35 ports monitored by SMM was 147.25 million mt, down 2.75 million mt WoW, up 36.69 million mt YoY.

As of September 27, the total inventory at 35 ports monitored by SMM was 147.25 million mt, down 2.75 million mt WoW, up 36.69 million mt YoY. The daily port pick-up volume of imported ore was 3.167 million mt, up 236,000 mt WoW, down 150,000 mt YoY. This week, the imported ore port arrivals significantly decreased due to the typhoon; however, with the upcoming National Day holiday, steel mills accelerated restocking, leading to a substantial increase in port pick-up volume. Overall, due to the decrease in arrivals and the significant increase in pick-up volume, port inventory showed a notable decreasing trend.

Looking ahead to next week, as the domestic typhoon impact subsides, arrivals are expected to rebound significantly. With pre-holiday restocking completed, the pick-up volume may decline, and port inventory is expected to increase significantly.

Inventory

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