A total of 95 vessels carrying 14.67 million mt of iron ore arrived at major Chinese ports during October 4-10, SMM estimates. This was down 340,000 mt from the previous week, but was up 1.99 million mt from the same period last year. The amount of arrivals in Shandong and Tianjin both increased week on week, but those in Tangshan declined as local production restrictions led to port lockdowns.
For the same week, iron ore deliveries leaving Australian ports shrank 410,000 mt on a weekly basis, but expanded 3.3 million mt on a yearly basis, to 16.66 million mt.
Shipments that departed Brazilian ports were estimated to decline 850,000 mt from the prior week to 7.48 million mt, up 1.25 million mt on the year.
Molten iron output is expected to continue to be curbed as Tangshan launched autumn production restrictions. Meanwhile, iron ore supply is likely to remain amply, which will weigh on its prices.
Source: SMM News