SHANGHAI, Apr 3 (SMM) – Inventories of seaborne iron ore at Chinese ports fell slower this week, as steel mills were cautious about raw material procurement amid market turmoil.
SMM data showed that iron ore stocks across 35 Chinese ports fell 910,000 mt in the week ended April 3 to 106.86 million mt, smaller than a 1.57 million mt decline in the previous week. The stocks were 30.44 million mt lower than a year ago.
The stocks have declined for eight consecutive weeks, as demand recovered and arrivals shrank.
Daily average iron ore deliveries from the 35 ports decreased 24,000 mt from the prior week to 2.73 million mt this week. Steel mills restocked in smaller quantities albeit at greater frequencies.
Caution among steel mills, coupled with an anticipated increase in arrivals, is expected to further slow the decline in iron ore port inventories.
