MMi Daily Iron Ore Index Report June 21 2019

As of June 21, iron ore stocks across 35 Chinese ports shrank 1.06 million mt from a week ago and 33.69 million mt from a year ago, and stood at 108.49 million mt, SMM statistics showed. The decline slowed. Daily average deliveries from the 35 ports fell 141,000 mt from a week ago, but grew 29,500 mt from a year ago, and stood at 2.55 million mt last week. Daily deliveries from ports in Tangshan fell from highs as higher ore prices turned steel mills cautious about purchasing, and as bullish traders held back goods. Certain mainstream ore were in short supplies. A greater proportion of ore across ports was held by steel mills. Qingdao port saw higher daily deliveries, but greater arrivals grew stocks of mainstream Australian ore. SMM expects strong demand and insignificant growth in anticipated arrivals to prevent port stocks from growing next week.

Source: Metals Market Index (MMi)