SMM data showed that a total of 71 ships arrived at major ports in China from May 9 to May 15, carrying 10.86 million mt of iron ore, down 950,000 mt on a weekly basis and 466,000 mt from a year ago.

In the same period, shipments from Australia were 18.8 million mt, down 320,000 mt week-on-week and up 2.72 million mt YoY; shipments from Brazil were 5.72 million mt, down 510,000 mt week-on-week and up 50,000 mt YoY. Port arrivals have not yet reached a peak, and the port inventory kept falling, which has given some support to the iron ore prices. The National Development and Reform Commission mentioned in its press conference today to ensure stable supply and price of mineral products. This, coupled with stable demand, should pressure iron ore prices.
Source: SMM Information & Technology Co, Ltd