As port clearance volume continued to rise, iron ore inventory at 35 ports dropped

As of June 21, the total iron ore inventory at 35 ports tracked by SMM was 145.1 million mt, down 120,000 mt WoW but up 21.04 million mt YoY. The daily iron ore port clearance volume averaged 3.016 million mt, up 21,000 mt WoW and 123,000 mt YoY.

According to SMM, port arrivals increased slightly this week. As steel mills saw an improvement in losses and had restocking expectations, their procurement enthusiasm increased compared to the previous period, leading to a growth trend in port clearance volume. Overall, iron ore inventory at ports dipped slightly.

Looking at the next week, port arrivals are expected to increase notably. According to SMM, pig iron output still shows an upward trend, providing some support for iron ore concentrate demand, which may continue to drive port clearance volume upward. However, considering that port arrivals are still at a high level, iron ore inventory at ports may accumulate again.