Port Inventory and Port Pick-Up Volume of Iron Ore on May 23

As of May 23, according to SMM data, the total inventory at 35 ports was 137.73 million mt, a decrease of 1.67 million mt WoW. The daily average port cargo pick-up volume of imported ore was 3.138 million mt, an increase of 43,000 mt WoW. Recently, the volume of port arrivals has shown a downward trend, but the port cargo pick-up situation has improved. Pig iron production at blast furnaces in steel mills remains at a relatively high level, still providing certain support for the demand for iron ore concentrates. Therefore, the iron ore port pick-up volume has increased. Overall, there has been destocking at ports this week. Looking ahead to next week, it is expected that port arrivals will remain at a low level, and the overall port inventory may continue to decrease.