Iron ore inventory at 10 ports dropped WoW, with a significant decline in inventories of fines and pellets

Published: Jun 28, 2024 18:03

Source: SMM

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Iron ore inventories at the 10 ports tracked by SMM decreased by 200,000 mt this week.

Iron ore inventories at the 10 ports tracked by SMM decreased by 200,000 mt this week. Stocks of different types are as follows: fines (86.89 million mt, -280,000 mt), iron ore concentrates (10.78 million mt, +230,000 mt), lump (12.48 million mt, flat), and pellet (4.94 million mt, -150,000 mt).

Fines and pellet inventories declined, as steel mills showed a stronger willingness to purchase amid certain demand for restocking and the improved cost performance of imported pellets. Due to persisting environmental pressures in some regions, the demand for lump remained decent, with inventory flat WoW. The port arrivals of iron ore concentrates remained at a relatively high level, resulting in an inventory increase.

Looking ahead to next week, according to SMM, blast furnace pig iron output is expected to rise again, providing some support for iron ore demand. However, considering that port arrivals are likely to remain at a high level, port inventories are expected to increase again. Given the difference in cost-performance ratio, four types of iron ore are expected to diverge in stocks.

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