Iron Ore Inventories Across 35 Chinese Ports Dropped Amid Growing Speculative Demand

SHANGHAI, Jun 12 (SMM) – As of June 9, iron ore inventories across 35 Chinese ports tracked by SMM totalled 122.58 million mt, a decrease of 1.08 million mt from a week ago, but up 580,000 mt year-on-year. The daily average shipments from the 35 ports increased 102,000 mt on a weekly basis to 2.91 million mt last week. Iron ore prices kept rising last week, which triggered speculative demand and boosted purchases at ports. According to SMM data, iron ore arrivals at Chinese ports decreased by 2.16% on a weekly basis last week. Despite growing shipments by overseas mines, massive port arrivals have not yet been monitored as it takes time for shipments to arrive. As some blast furnaces may be resumed in June, the output of pig iron is estimated to rise, supporting iron ore demand. Iron ore inventories across 35 Chinese ports are expected to drop slightly this week.