ACCOUNT PROFILE

China iron ore port stocks ebb to 130 million t

Posted on 13 September 2021

Inventories of imported iron ore at China’s 45 ports under Mysteel’s survey slipped to 130.4 million tonnes over September 3-9, or having edged down by 639,500 tonnes or 0.5% on week after three weeks of rises, and daily discharge volume and new ore arrivals at these ports all decreased.

 

Over the latest survey period, iron ore discharge rate from these 45 ports totalled 2.8 million tonnes/day on average, or down for the second week by another 84,200 t/d or 2.9% on week.

Over August 30-September 5, the 45 ports received around 22.9 million tonnes of iron ore deliveries, or reaching a low since July 30 after the fourth on-week decline by 201,000 tonnes, Mysteel’s other shipment survey showed.

Iron ore shipments from Australia and Brazil may ebb further in the coming weeks, as over August 30-September 5, Port Walcott and Port Geraldton in Australia conducted scheduled maintenance for 168 hours and 72 hours respectively, and Brazil’s Port Tubarao was also under maintenance for 168 hours, according to Mysteel’s tracking.

Among the existing port inventories, Brazilian ore grew to its four-month high of 38.5 million tonnes as of September 9 after gaining for the sixth consecutive week, up 427,000 tonnes or 1% on week, while Australia-origin iron ore edged down for the second week by 496,000 tonnes on week to 64.8 million tonnes.

The breakdowns by form showed that iron ore concentrates increased to 11.3 million tonnes, or a new high since November 20 2020 after the fourth week of gain by 476,800 tonnes or 4.4% on week. In contrast, lumps retreated from four weeks of gains, down 31,700 tonnes on week to 20.4 million tonnes, and pellets decreased for the second week by a small 3,100 tonnes on week to 4.2 million tonnes.

By ownership, the tonnage belonging to Chinese traders fell by 72,000 tonnes on week to 74.8 million tonnes as of September 9 after rises in the prior five weeks, though the proportion of the total increased for the sixth week by 0.2 percentage point on week to 57.4%, or a new high since December 25 2015 when Mysteel commenced the survey.

Source : Mysteel Global