Iron ore inventory build-up at 35 Chinese ports will slow down

As of November 10, the iron ore inventories across 35 ports tracked by SMM totalled 110.75 million mt, up 3.2 million mt WoW but down 19.45 million mt YoY. Overseas shipments will be ample in Q4, but the proportion of the shipments to China will not be high. A gain in iron ore supply is expected to be limited. According to SMM statistics, as maintenance-induced pig iron output losses will decline, rigid iron ore demand will linger this week. In addition, with profit recovery, raw material inventory of steel mills will be low. Under this circumstance, it is expected that shipments from the ports are unlikely to shrink. A build-up of ion ore inventory at 35 ports may slow down.