SHANGHAI, Mar 22 (SMM) – Iron ore stocks across 35 Chinese ports grew 450,000 mt from a week ago to 136.83 million mt as of Friday March 22, SMM data showed. Growth continued to slow. Lower arrivals and higher deliveries from ports shrank stocks across major ports in the east and north.
Daily average iron ore deliveries leaving those ports increased by 238,000 mt from the prior week to 2.66 million mt this week as steel mills purchased actively after the transport ban was lifted across Jingtang port and Caofeidian port. Daily deliveries from Jingtang port grew considerably.
Port stocks of iron ore are unlikely to grow next week as arrivals across major Chinese ports and shipments from Australia and Brazil fell in the middle of March. Tropical cyclone Veronica in Australia will also impact iron ore shipments.
