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MMi Daily Iron Ore Index Report August 14 2019

Arrivals of seaborne iron ore at Chinese ports shrank for a second straight week last week though are likely to pick up later this month, as more shipments have departed from Australia and Brazil in recent weeks. SMM estimates that 68 vessels carrying 9.43 million mt of iron ore arrived at major Chinese ports during August 4-10, down 2.67 million mt from the week ending August 3. Arrivals shrank 2.31 million mt in the previous week. Last week, iron ore deliveries leaving Australian ports grew 610,000 mt from the prior week to 15.18 million mt. Shipments that left Brazilian ports expanded 180,000 mt to 7.42 million mt. Physical iron ore port stock quotes by 5-10yuan/mt during the morning as traders were active and some mills replenished stocks .According to SMM, mills profits have quickly recovered on account of the fast-falling iron ore prices and relatively firm steel prices.

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Source: Metals Market Index (MMi)

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