MMi Daily Iron Ore Index Report for May 15 2020
SMM data showed that iron ore stocks across 35 Chinese ports totalled 101.79 million mt as of May 15, down 1.18 million mt
from a week ago and 21.89 million mt lower than a year ago. Daily average deliveries from the 35 ports decreased 110,000 mt on a weekly basis to 2.77 million mt this week. Deliveries from most of the ports declined as steel mills restocked as needed amid higher prices and as limited amounts of mainstream ore were available for sale at some ports. In contrast, deliveries from Jingtang port rose as depleted stocks and concerns about possible transport restrictions in the run-up to the political meetings drove steel mills to restock. Port stocks are unlikely to increase significant- ly in the short term. Considering that low-alumina and high fe products are currently in tight supply, there may be some time before the floor falls away from the market.
Source: Metals Market Index (MMi)