As port pick-up volume declined, the accumulation speed of iron ore inventory at 35 ports accelerated

As of October 18, the total inventory at 35 ports monitored by SMM was 149.73 million mt, up 1.89 million mt WoW and up 44.72 million mt YoY. The daily average port pick-up volume of imported ore was 3.144 million mt, down 16,000 mt WoW and up 140,000 mt YoY. Considering the previously high shipment levels, the arrival volume has increased significantly; coupled with the lower-than-expected post-holiday restocking pace of steel mills, the port pick-up volume shows a downward trend. Looking ahead to this week, considering the current shipment levels remain relatively high, the arrival volume is still likely to increase, and the port inventory is still likely to accumulate.