China iron ore port stocks build to 7-month high

Posted on 13 October 2020

Total iron ore port stocks at the 45 Chinese ports under Mysteel’s weekly survey continued to climb for the seventh week to a seven-month high of 120.6 million tonnes on October 9 after another gain of 1.3% or 1.5 million tonnes from September 30, according to Mysteel’s latest release, which was mainly due to the steadily high ore arrivals over the survey period.

According to Mysteel’s shipment tracking, about 26.1 million tonnes of iron ore reached the 45 ports over September 28-October 4, or 1.6 million tonnes higher on week, and the new arrivals are expected to remain stable for October 5-11.

Iron ore discharge from the 45 ports, on the other hand, reversed up by 248,900 t/d or 8.5% from September 30 to close to 3.2 million t/d during the latest survey period, as the local authorities in some coastal areas of North China had re-allowed the iron ore trucking from the local ports.

By October 9, however, there were still 162 iron ore vessels queuing at the berths of the ports, or three more than the total as of September 30.

Stocks of iron ore in all forms including pellet, lump, concentrates and fines increased over October 1-9, among which lump posted the most gain of 2.5% or 627,400 tonnes from September 30 to 25.4 million tonnes last Friday, according to Mysteel’s survey.

By origin, stocks of both the Australian and Brazilian iron ore rose with the latter up more substantially by 948,800 tonnes or 2.9% from September 30 to 33.3 million tonnes by October 9, and the former up but only by 29,600 tonnes during the period to 59 million tonnes, according to Mysteel’s data.

Of all the stocks, 57.3 million tonnes were owned by traders on October 9, up by nearly 2 million tonnes from September 30, though the proportion remained largely the same, according to the release.

 

Written by Sean Xie, xiepy@mysteel.com

Edited by Hongmei Li, li.hongmei@mysteel.com

Source : Mysteel Global