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MMi Daily Iron Ore Index Report December 01 2020

A total of 101 vessels carrying 14.63 million mt of iron ore arrived at major Chinese ports during November 22-28, SMM estimates. This was up 110,000 mt from the previous week but down 1.45 million mt from the same period last year. For the same week, iron ore deliveries leaving Australian ports increased 460,000 mt on a weekly basis to 15.53 million mt, a year on year increase of 2.21 million mt. Shipments that departed Brazilian ports were estimated to rise 760,000 mt week on week to 7.76 million mt. This was 1.4 million mt higher than the same period last year. Iron ore arrivals at Chinese ports fell slightly month on month in November, and port stocks shrank for three consecutive weeks as demand remained strong. Shipments from Australia and Brazil are unlikely to rise significantly in the near term, which will support iron ore prices.

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Source: Metals Market Index (MMi)

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