Iron ore arrivals at Chinese ports rebounded on week
SMM estimates that 87 vessels carrying 11.81 million mt of iron ore arrived at major Chinese ports during November 10-16, up 530,000 mt from the week ended November 9.
The marked a rebound after two straight weeks of decline. During November 10-16, deliveries grew slightly at ports in China’s steelmaking hub, Tangshan, while ports in Shandong province saw smaller arrivals.
Last week, iron ore deliveries leaving Australian ports rose 730,000 mt from the prior week to 14.98 million mt. Shipments that departed Brazilian ports were estimated to climb 540,000 mt on the week to 7.08 million mt.
Iron ore arrivals at Chinese ports may continue to rise next week, SMM assessed based on the shipment period. But this will unlikely to depress spot prices of iron ore as steelmakers step up stockpiling for winter.