Iron Ore Inventories across 10 Major Chinese Ports Drop for Six Consecutive Weeks

Iron ore inventories across 10 major ports in China dropped 2.1% week-on-week to 89.67 million mt this week.

SHANGHAI, Apr 7 (SMM) – Inventories by variety are as follows: 62.4 million mt of fines (-2.1%); 6.76 million mt of concentrates (-3.2%); 13.88 million mt of lumps (-1.7%); 6.63 million mt of pellets (-2%). The destocking was mainly attributable to falling arrivals and increasing rigid demand. Pig iron output has reached the high level seen in the same period of previous years, boosting the demand for iron ore. Meanwhile, the profits of steel mills have improved, leaving them more willing to purchase, and iron ore that is more expensive than others also became more popular.