Port Inventory and Port Pick-Up Volume of Iron Ore on May 30

As of May 30, SMM data showed that the total inventory at 35 ports was 136.24 million mt, a decrease of 1.49 million mt WoW. The daily average port pick-up volume of imported ore was 3.117 million mt, down by 21,000 mt WoW. Recently, the growth in shipments has narrowed, and overall port arrivals have continued to decline slightly. On the demand side, SMM tracking data indicated that pig iron production of steel mill blast furnaces has declined, with short-term demand weakening and port pick-up volume also decreasing slightly. However, due to the decline in port arrivals, the overall port inventory is showing a destocking trend. Looking ahead to next week, port arrivals are expected to rebound slightly, and overall port inventory is projected to accumulate modestly.