Daily Average Port Pick-Up Volume at China's Main Ports on February 21

As of February 21, SMM data showed that the total inventory at 35 ports dropped to 149.18 million mt, down 370,000 mt WoW but up 16.54 million mt YoY. The daily average port pick-up volume of imported ore was 2.864 million mt, up 148,000 mt WoW and up 260,000 mt YoY. This week's port arrivals slightly increased MoM but remained at a low level compared to the same period last year. Demand side, pig iron production at steel mills continued to grow, driving demand for iron ore concentrates, which boosted port pick-up volume and led to a slight decline in port inventory. Looking ahead to next week, due to the impact of previous shipments, port arrivals may slightly decrease, and port inventory is expected to continue destocking.