MMi Daily Iron Ore Index Report May 21 2019

Eighty-four vessels carrying 11.97 million mt of iron ore arrived at major Chinese ports during May 12-18, down 360,000 mt from the previous week, SMM forecasted on Tuesday May 21. Lower shipments from Australia and Brazil will keep iron ore port stocks from building up, and this may continue to support prices. For the same week, iron ore deliveries departing Australian ports decreased 260,000 mt, to stand at 14.82 million mt. Iron ore leaving Brazilian ports was expected to lost 430,000 mt week on week, to 4.75 million mt during May 12-18. Total port stock
transactions surged today, receiving an added boost as iron ore DCE Futures market shot higher just prior to closing. Traders seem more excited and some mills are indeed looking to buy, both contributing to today’s booming trades. According to SMM, iron ore arrivals are still at low levels whilst mills demand remain high and in addition to low iron ore inventory levels in plants, iron ore prices may continue seeing bullish pricing behaviour.

Source: Metals Market Index (MMi)