Chinese Iron ore port stocks rebound 2.84 million mt on week
Iron ore stocks across 35 Chinese ports grew 2.84 million mt from a week ago to stand at 109.14 million mt as of Friday August 2, showed SMM data.
This was down 30.74 million mt from a year ago.
For the same week, daily average iron ore deliveries from those ports fell for a third straight week, declining 23,000 mt week on week to 2.48 million mt. The figure stood 99,300 mt lower than the same period last year.
Thinner profits and volatile prices of iron ore prompted steel mills in the east and along the Yangtze River to purchase in smaller amounts at greater frequencies, and this accounted for the decline in daily deliveries.
The Tangshan government was expected to loosen production curbs in August, which drove local steelmakers to step up restocking at the end of July. This grew daily iron ore deliveries from Jingtang port to around 300,000 mt, from below 20,000 mt during July 26-28 when heavy trucks were forbidden to enter or leave ports.