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MMi Daily Iron Ore Index Report May 04 2021

Iron ore stocks across 35 Chinese ports totaled 124.2 million mt as of April 30, down 2.58 million mt from a week ago and up 21.24 million mt from a year ago. Continued declines in port arrivals and pre-holiday stockpiling led to the decline in port inventories. Daily average deliveries from the 35 ports rose 150,000 mt from a week ago to 2.75 million mt this week. Inventories at two ports in Shandong dropped 4.4% due to fewer arrivals and active purchases by nearby steel mills. The decline in port inventories is likely to slow down after the holiday as arrivals may pick up and as steel mills will restock as needed. DCE iron ore futures market fell off today and the physical port stock prices inched down by 5-10yuan/mt, PBF was closed at 1295yuan/mt in Shandong market. But total transactions turned to be weak in the last day before the May Day holiday. Besides, some traders held to be firm on their prices.

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Source: Metals Market Index (MMi)

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