SHANGHAI, Jun 14 (SMM) – According to SMM survey, the inventories of iron ore concentrates at domestic mines decreased from 2.57 million mt or 10.3 days to 2.2 million mt or 8.9 days in May. Some blast furnaces were restarted in May after end-use demand improved, boosting iron ore demand. Slow production resumptions at mines in some areas were insufficient to meet demand from steel mills, also allowing mines’ inventories to dwindle.
Inventories of mines are expected to build up in June as mines’ production still has upside potential while steel mills will keep low raw material inventories amid thin profits.
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