Robust demand, limited arrivals lowered iron ore stocks at Chinese ports
Inventories of iron ore across Chinese ports declined this week, as demand from the top steelmaking hub of Tangshan grew with some beginning stockpiling and production curbs coming in less tough than expected.
Fewer arrivals also contributed to the decline in port stocks.
SMM data showed that iron ore stocks across 35 Chinese ports decreased by 1.35 million mt from a week ago to 114.17 million mt as of November 29, 14.34 million mt lower than a year ago.
Despite stronger demand from Tangshan, daily average iron ore deliveries from the 35 Chinese ports slipped 11,000 mt from the prior week to 2.76 million mt in the week ended November 29, showed SMM data.
Recent arrivals of seaborne iron ore at Tangshan were limited, which will keep spot iron ore port prices firm.