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MMi Daily Iron Ore Index Report July 17 2020

SMM data showed that iron ore stocks across 35 Chinese ports totalled 102.9 million mt as of July 17, up 1.48 million mt from a week ago, but 4.2 million mt lower than a year ago. Daily average deliveries from the 35 ports decreased 55,000 mt on a weekly basis to 2.81 million mt this week. Stocks rose across major ports in Shandong and Tangshan. Despite fewer arrivals, port stocks are expected to maintain the uptrend as large quantities of cargoes are still on ships waiting to be unloaded. Deliveries from ports are unlikely to increase significantly in the short term as steel mills will continue to restock as needed. Physical port stock prices were volatile today, some mill demand picking up slightly, and some bullish traders restocked some mainstream medium fines products. A number of trades concluded following the DCE close.

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Source: Metals Market Index (MMi)

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