MMi Daily Iron Ore Index Report January 15 2020

SMM estimates that there were 87 vessels carrying 14.18 million mt of iron ore arrived at major Chinese ports during January 5-11, up 300,000 mt from the week ended January 4. This marked a second consecutive week of increase. During the same period, iron ore deliver ies leaving Australian ports slumped 2.61 million mt on the week to 10.78 million mt, 3.57 million mt lower than the same period last yea r, as a hurricane and heavy rainfall disrupted the shipments. Shipments that departed Brazilian ports were also estimated to shrink, by 1.22 mi llion mt on the week, to 4.06 million mt, down 3.64 million mt from the same period a year earlier. The continued decline in supply is expect ed to support near -term prices of seaborne iron ore. Although DCE iron ore futures moved lower, most traders held quotes firm. Transaction prices inched up over yesterday. As more market participants plan to start their holidays, the market is expected to be quieter moving forward.

Source: Metals Market Index (MMi)