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China iron ore port stocks rose as Tangshan ports suspended deliveries

Monday, 23 December 2019 | 00:00

Inventories of iron ore across Chinese ports rose this week, after falling for three consecutive weeks, as ports at the top steelmaking hub of Tangshan suspended deliveries to combat heavy smog.

SMM data showed that iron ore stocks across 35 Chinese ports increased by 3.58 million mt to 116.91 million mt in the week ended December 20. This was 10.68 million mt lower than a year ago.

For the same week, iron ore deliveries from the 35 Chinese ports averaged 2.46 million mt per day, sharply down 483,000 mt from the prior week.

Caofeidian and Jingtang ports, two major ports in Tangshan, saw iron ore stocks climb significantly and average daily iron ore deliveries drop 428,000 mt this week, as cargoes were banned from entering or leaving the two ports during December 13-16.

An increase in arrivals lifted iron ore stocks at some ports along the Yangtze River this week, even as deliveries remained stable.

Inventories of iron ore across Chinese ports are likely to fall next week, in anticipation of a decline in arrivals and restocking by steel mills following the reopening of Tangshan ports.
Source: SMM

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