As port arrivals slightly declined, iron ore inventory at 35 ports dropped

As of November 29, the total iron ore inventory at the 35 ports monitored by SMM was 147.3 million mt, down 1.56 million mt WoW but up 35.23 million mt YoY. The daily average port pick-up volume of imported ore reached 3.26 million mt, up 80,000 mt WoW and up 310,000 mt YoY. Currently, port arrivals have slightly decreased; on the demand side, steel mill profits remain under pressure, but raw material inventories are generally low, prompting some steel mills to start restocking, thereby driving the increase in port pick-up volume. Overall, port inventory decreased last week. However, looking ahead to this week, considering the previous shipping levels, port arrivals are expected to increase, and port inventory may once again show an increase trend.