Port pick-up volume slows down, iron ore port inventories slightly accumulate

As of August 30, the total inventory of 35 ports tracked by SMM was 150.47 million mt, up 3.34 million mt WoW and up 32.27 million mt YoY. The daily average port pick-up volume of imported ore was 2.87 million mt, down 30,000 mt WoW and down 150,000 mt YoY. Last week, the port arrivals remained at a relatively high level. On the port cargo pick-up side, recent iron ore prices started to rebound, putting pressure on steel mill profits, leading to a trend of restocking as needed and a slight decline in port pick-up volume. Overall, port inventory continued to accumulate, and it is expected that the port inventory will continue to accumulate this week.