Iron ore shipments from Australia and Brazil expanded on week
SMM estimates that there were 71 vessels carrying 11.75 million mt of iron ore arrived at major Chinese ports during March 15-21, down 260,000 mt from the week ended March 14 but up 1.65 million mt from the same period a year earlier. Arrivals in China’s steelmaking hub Tangshan declined on the week, while shipments arrived in Shandong edged higher.
During the same period, iron ore deliveries leaving Australian ports rose 1.63 million mt on the week to 17.39 million mt, 1.55 million mt higher than the same period last year. The proportion of shipments to China extended its increase from the previous week.
Shipments that departed Brazilian ports were estimated to increase 1.27 million mt on the week, to 4.78 million mt. This was 1.18 million mt lower than the same period last year.
While iron ore shipments from Australia and Brazil expanded, demand from Chinese steelmakers remained solid and this will support the demand and supply fundamentals of iron ore in the near term.
Source: SMM News