Iron Ore Port Inventory and Port Pick-Up Volume on March 14

As of March 14, SMM data showed that the total inventory at 35 ports was 141.17 million mt, down 1.79 million mt WoW and up 2.03 million mt YoY. The daily average port pick-up volume of imported ore was 2.968 million mt, up 85,000 mt WoW and 90,000 mt YoY. This week, port arrivals saw a significant decline. Port cargo pick-up side, according to SMM tracking, pig iron production at steel mills remained at a relatively high level, supporting demand for iron ore concentrates. Steel mills accelerated their procurement pace recently, leading to an increasing trend in port pick-up. Overall, port inventory showed a destocking trend this week. Looking ahead to next week, based on current SMM tracking, pig iron production at steel mills is expected to continue increasing, with port pick-up likely to maintain an upward trend, and port inventory may continue to destock.