Iron ore stocks at 35 domestic ports grew amid a steep rise in port arrivals

As of February 2, iron ore inventory across 35 ports tracked by SMM totalled 126.26 million mt, up 1.64 million mt WoW but down 9.05 million mt YoY. Daily average shipments from the ports were 2.938 million mt, up 5,000 mt WoW and 41.1 million mt YoY. With more port arrivals and rising unloading volume at the ports, iron ore stocks at the ports kept piling up. In terms of shipments from the ports, boosted by accelerated stockpiling of some steel mills before the Lunar New Year, the daily average shipments from the ports inched higher, especially in North China and East China. There was a steel hike in port arrivals.
Looking at this week, with the end of stockpiling and high raw materials, steel mills showed muted buying appetite. The daily average shipments from the ports may plummet. Port arrivals may remain high. Under this circumstance, iron ore stocks at the ports may keep piling up.