With significant increase in arrivals, iron ore inventories at 35 ports continued to accumulate

As of October 11, the total inventory at 35 ports monitored by SMM was 1,478.4 million mt, up 590,000 mt WoW and up 42.28 million mt YoY. The daily average port pick-up volume of imported ore was 3.16 million mt, down 7,000 mt WoW and up 30,000 mt YoY. Recently, the impact of domestic typhoons has weakened, leading to a significant increase in arrivals; combined with a slower restocking pace compared to before the holiday, port cargo pick-up shows a downward trend. Looking to next week, considering the current high shipping levels, arrivals are expected to continue increasing, and port inventory is likely to accumulate.