Lump premiums remain resilient, supported by healthy fundamentals

Lump premiums remained firm over the past week, underpinned by solid fundamentals. Between May 22 and May 29, the Mysteel PORTDEX 62.5% Lump Premium rose by 2.82% to Yuan 1.5053/dmtu, while the Mysteel SEADEX 62.5% Lump Premium increased by 0.65% to $0.154/dmtu.

Supply constraints continued to support lump ore fundamentals. Total arrivals of PBL and NML stood at 1.78 million tonnes as of May 23, down 34.73% on-week. As a result, total lump inventories at China's 47 ports declined by 3.32% to 15.71 million tonnes as of May 30, the lowest