As of April 28, iron ore inventories across 35 ports tracked by SMM totalled 125.16 million mt, down 1.79 million mt WoW and 9.95 million mt YoY. The average daily shipments added 51,000 mt from the previous week to 3.15 million mt as the market was active amid the upcoming Labour Day.

The shipment volume surged to the highest level in six months. According to SMM data, iron ore arrivals at major Chinese ports increased again this week. SMM believes that the arrivals at the ports will continue to decline due to the poor weather conditions in Australia in the early stage. The pig iron output will fall further since Chinese steel mills have planned to cut production amid the possible modest steel demand. Shipments flowing out of the 35 ports will decline next week owing to the mills’ stockpiling after the Labour Day holiday.
Source: SMM