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

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.