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

As of December 6, the total iron ore inventory at the 35 ports monitored by SMM was 145.84 million mt, down 1.47 million mt WoW and up 30.74 million mt YoY. The daily average port pick-up volume of imported ore was 3.13 million mt, down 129,000 mt WoW and up 260,000 mt YoY. Port arrivals significantly decreased. Demand side, due to the pressure on steel mill profits, iron ore procurement was mainly on an as-needed basis, leading to a slight decline in port pick-up volume. However, due to the decrease in port arrivals, port inventory continued to show a downward trend. Looking ahead to this week, considering the previous shipment levels, port arrivals are expected to increase, and port inventory may see a slight accumulation.