MMi Daily Iron Ore Index Report March 19 2021
As of March 19, iron ore inventories across 35 ports tracked by SMM totalled 123.71 million mt, an increase of 1.83 million mt from the previous week and 15.94 million mt year-on-year. Daily average deliveries from the 35 ports increased 3,000 mt on a weekly basis to 2.59 million mt last week. Daily average deliveries from ports in Tangshan began to pick up significantly in the second half of the week following the lifting of the heavy pollution alert, but remained 150,000-250,000 mt lower than normal level as the city is still in the stage of fighting air pollution in March. Tangshan issued another notice at the end of the week to implement differentiated production restriction and emission reduction measures from midnight on March 20 to midnight on April 20. Port stocks in Tangshan are expected to remain high due to increased arrivals. Port stocks in East and South China continued to rise due to weak procurement by local steel mills. Daily average deliveries from ports are unlikely to pick up substantially in the short term as steel mills will continue to restock as needed.
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