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MMi Daily Iron Ore Index Report April 20 2021

A total of 84 vessels carrying 12.31 million mt of iron ore arrived at major Chinese ports during April 11-17, SMM estimates. This was down 890,000 mt from the previous week, and basically flat from the same period last year. For the same week, iron ore deliveries leaving Australian ports rose 2.42 million mt on a weekly basis to 16.13 million mt. Shipments that departed Brazilian ports were estimated to increase 1.39 million mt week on week to 7 million mt. This was 760,000 mt higher than the same period last year. Although shipments that departed Australian and Brazilian ports increased week on week, domestic demand also maintained an increasing trend, and arrivals at port decreased week on week, continuing to benefit the iron ore market. Propped up by DCE iron ore futures market, the physical port stock transaction prices for PBF in Shandong and Tangshan market increased by 5-30yuan/mt to 1215-1230yuan/mt. But total transactions slacked off as some mills have finished weekly purchasing yesterday, and meanwhile, some mills choose to stand on the sidelines when prices kept surging.

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Source: Metals Market Index (MMi)

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