As of May 17, the total inventory at the 35 ports tracked by SMM reached 143.98 million mt (up 1.26 million mt from a week ago, up 19.58 million mt YoY). The average daily iron ore pick-up volume from ports were 2.977 million mt (up 48,000 mt WoW, up 215,000 mt YoY).
According to SMM tracking, due to the previously high shipment levels, port arrivals showed an increasing trend last week. The current pig iron output continues to rise, providing some support for iron ore demand.
Looking ahead to this week, as it is still the peak shipping season, iron ore port arrivals are expected to continue increasing. Current pig iron output is peaking, and the growth rate may slow down. With steel mill suffering negative profit margins, the frequency of iron ore procurement may slow down. Overall, if port arrivals increase significantly, there remains a risk of port inventory accumulation.
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