WEEKLY: China iron ore port stocks dip further to 7-m low
Over the latest survey period, the total volume of iron ore discharged daily from the 45 ports increased to 3.3 million tonnes/day on average – the highest since Mysteel's commencement of the survey in late December 2015.
The volume of discharged ore had risen for the third week by another 94,000 t/d or 2.9% on week, as some steelmakers in North China's Hebei and East China's Shandong remained active in hauling iron ore from local ports for their production resumption.
On the other hand, the 45 ports received around 20.3 million tonnes of iron ore deliveries over May 9-15, retreating by 993,000 tonnes or 4.7% on week from the prior week's gain.
By product, lumps, pellets and concentrates all dropped over May 13-19, with lumps dipping to a low since July 26 2019, down for the seventh week by 405,200 tonnes or 2.4% on week to 16.8 million tonnes. Pellets decreased by 171,800 tonnes or 3.2% on week to 5.2 million tonnes, and concentrates fell by 608,600 tonnes or 5.8% on week to 9.9 million tonnes.
Port stocks of both Australian and Brazilian ore reached their seven-month lows, with the former easing to 63.1 million tonnes after the 11th on-week fall by 1.9 million tonnes or 2.9%, and the latter down for the eighth week by 903,000 tonnes or 1.9% on week to 45.7 million tonnes.
By ownership, the tonnage belonging to Chinese traders also touched its seven-month low of 78.2 million tonnes after dipping for the eighth straight week by another 1.7 million tonnes or 2.2%, though the proportion of the total recovered by 0.6 percentage point on week to 57.6%.
Written by Lea Li, liye@mysteel.com
Edited by Zhenqi Yang, yangzhenqi@mysteel.com
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