Surging ore prices and slight pig iron output reduction made a dent in buying appetites, iron ore inventory at 35 ports grew last week

As of November 3, iron ore inventories across 35 ports tracked by SMM totaled 107.55 million mt, up 1.8 million mt WoW but down 22.06 million mt YoY. Q4 will witness ample overseas shipments. Although typhoon disturbances at South China ports may gradually subside, buying appetites will probably weaken amid a further pig iron output drop. With low raw material stocks of steel mills, shipments from the ports may remain stable with a slight decrease. Iron ore inventories at the 35 ports may continue to inch up in the future.