Iron ore inventory at 35 ports saw a slight decrease last week and is expected to accumulate again this week

As of October 25, iron ore inventory at 35 ports monitored by SMM was 149.33 million mt, down 400,000 mt WoW, up 43.58 million mt YoY. The daily average port pick-up volume of imported ore was 3.102 million mt, down 42,000 mt WoW, up 270,000 mt YoY. Recently, the arrival volume slightly declined. Due to the lower-than-expected restocking pace of steel mills, the port pick-up volume slightly decreased. Overall, the port inventory showed a slight destocking state. Looking into this week, considering the previous high shipment levels, the port inventory is expected to experience another inventory buildup.