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MMi Daily Iron Ore Index Report for May 19 2020

A total of 88 vessels carrying 13.51 million mt of iron ore arrived at major Chinese ports during May 10-16, SMM estimates. This was down 540,000 mt from the prior week. For the same week, iron ore deliveries leaving Australian ports recovered 200,000 mt on the week to 15.8 million mt, some 720,000 mt higher than the same period last year. The proportion of Australian iron ore destined for China increased from a week ago. Shipments that departed Brazilian ports were estimated to fall 560,000 mt from the prior week to 4.71 million mt, roughly flat from the level of the same period last year. Brazil’s Vale has resumed operations at its distribution centre in Malaysia, the Teluk Rubiah Maritime Terminal (TRMT), but the fast spreading of the coronavirus in Brazil may keep Brazilian iron ore shipments from rebounding significantly in the near term.

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Source: Metals Market Index (MMi)

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