SHANGHAI, Nov 30 (SMM) – Iron ore stocks across 35 major Chinese ports shrank 2.88 million mt from a week ago to stand at 129.26 million mt as of Friday November 30, SMM data showed. Limited arrivals at eastern and northern ports accounted for the decline.
For the same week, daily average deliveries of iron ore leaving the 35 ports extended declines by 13,000 mt to around 2.54 million mt.
This week, production curbs on sintering machines at some Tangshan mills lowered the iron ore daily average deliveries. At the beginning of the week, sharp declines in iron ore prices eroded transactions, and this also accounted for the smaller deliveries.
SMM expects few seaborne arrivals to limit gains in iron ore port stocks in the short run.
