Improving demand slowed down piling-up of iron ore inventory at 35 Chinese ports

As of April 12, iron ore inventory across 35 ports tracked by SMM totalled 140.68 million mt, up 490,000 mt from April 3 and 14.91 million mt YoY. Daily average shipments from the ports were 2.88 million mt, up 100,000 mt from April 3 but down 210,000 mt YoY.

Port arrivals still increased sharply last week. Mild pig iron output hike and some stockpiling of steel mills increased iron ore shipments from the ports last week. Overall iron ore stocks still built up.

Looking ahead, terminal demand improved. Sustained pig iron output growth will bring more ore shipments from the ports. Short-term port arrivals may remain high. Overall, ore stocks at the ports may keep mounting up this week.