WEEKLY: China's iron ore port stocks grow for 13th week
The same surveyed ports received a total of 22.8 million tonnes of iron ore during March 11-17, with the volume logging an on-week gain of 2.5 million tonnes or 12.5% after the prior week's fall of 14.8%, Mysteel's shipments survey showed.
Iron ore discharge from these ports, on the other hand, reversed a three-week increase by losing 48,500 tonnes/day or 1.6% on week to nearly 3 million t/d on average over March 15-21.
By origin, the stocks of Australian iron ore at the ports reached an 11-month high of 61.3 million tonnes during the latest survey period, rising for six weeks by another 760,500 tonnes or 1.3%, and Brazilian ore of 51.5 million tonnes was slightly higher by 21,500 tonnes than the prior week.
The breakdown by form showed that concentrates and pellets registered decreases over the survey period, with the former losing 180,800 tonnes or 1.4% on week to 12.7 million tonnes, and the latter being 71,500 tonnes lower on week at 7.3 million tonnes. Conversely, lumps continued to pile up for five weeks by 108,400 tonnes to 18.6 million tonnes, hitting the highest since April 2023.
Among the total, 87.9 million tonnes of ore were owned by Chinese traders by March 21, inching up by 1.3 million tonnes or 1.4% on week and making for the 13th week of gain. And traders' iron ore tonnage accounted for 61.2% of the total portside stocks, 0.5 percentage point higher than the prior Thursday.
Written by Lea Li, liye@mysteel.com
Edited by Alyssa Ren, rentingting@mysteel.com
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