MMi Daily Iron Ore Index Report November 27 2020

As of November 27, iron ore inventories across 35 ports tracked by SMM totaled 119.08 million mt, a decrease of 1.16 million mt from the
previous week and an increase of 4.92 million mt year-on-year. This marked three consecutive weeks of decline. Daily average deliveries from the 35 ports decreased 31,000 mt on a weekly basis to 2.93 million mt this week. Port stocks and daily average deliveries from ports both declined slightly in Shandong, where steel mills continued to restock as needed. Port arrivals and daily average deliveries from ports in Tangshan both decreased slightly, while port stocks did not increase. Steel mills in Tangshan slowed down purchases due to heavy pollution alert. Although end-user demand began to weaken due to rain and snow in parts of north China, demand for iron ore did not fall sharply as steel mills maintained high operating rates, which will prevent port stocks from increasing in the short term.

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