MMi Daily Iron Ore Index Report August 20 2019

Concluded transactions picked up slightly over yesterday. Mills bought hand-to-mouth while traders looked to build their inventories. According to the market, products like Carajas Fines and JMBF seemed to be more economical, and thus in high demand. According to SMM, arrivals of seaborne iron ore at Chinese ports grew significantly last week after two straight weeks of declines, as shipping unclogged at ports following the typhoon and greater deliveries from Australia and Brazil. Supply/demand fundamentals are normalizing on the shi pment recovery. SMM estimates that 99 vessels carrying 14.41 million mt of iron ore arrived at major Chinese ports during August 11 -17, up 4.98 million mt from the week ended August 10. Last week, iron ore deliveries leaving Australian ports decreased 620,000 mt from t he prior week to 14.56 million mt. Shipments that left Brazilian ports fell 60,000 mt to 7.36 million mt. These arrivals will start weighing o n market sentiment and pricing.

Source: Metals Market Index (MMi)