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MMi Daily Iron Ore Index Report November 12 2019

SMM estimates that 83 vessels carrying 11.28 million mt of iron ore arrived at major Chinese ports during November 3-9, down 280,000 mt from the week ended November 2. This marked the second straight week of decline. During November 3-9, deliveries shrank at ports in China’s steelmaking hub, Tangshan, while ports in Shandong province saw greater arrivals. Last week, iron ore deliveries leaving Australian ports fell 1.18 million mt from the prior week to 14.25 million mt. Shipments that departed Brazilian ports were estimated to drop 1.16 million mt on the week to 6.54 million mt. Vale on November 11 trimmed its forecast for iron ore and pellet sales to 307-312 million mt in 2019, down from the previous estimates of 307-332 million mt.

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Source: Metals Market Index (MMi)

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