Port Arrivals of Imported Iron Ore Jumped, Shipments from Australia and Brazil Increased Significantly

SHANGHAI, May 24 (SMM) - SMM data showed that a total of 85 ships arrived at major ports in China during May 16-22, carrying 12.92 million mt of iron ore, up 2.05 million mt on a weekly basis and up 739,000 mt from a year ago. In the same period, shipments from Australia were flat week-on-week, but rose 760,000 mt YoY; shipments from Brazil were 6.93 million mt, up 1.21 million mt week-on-week and down 100,000 mt YoY. With port arrivals still on the rise, iron ore supply has not yet reached its peak. The fundamentals of iron ore market have not changed much. However, given the unstable macro factors, it is expected that the price of iron ore will fluctuate widely in the short term.