Total iron ore stocks at the 45 Chinese ports under Mysteel’s monitoring continued the uptrend since late August over October 30-November 5, with the total volume hitting its one-year high of 128.1 million tonnes after another on-week gain of 482,500 tonnes mainly due to higher iron ore arrivals during the latest survey period.
Over October 26-November 1, new iron ore arrivals at 45 Chinese ports reversed up from a one-week drop, gaining 301,000 tonnes or 1.2% on week to around 25.6 million tonnes, Mysteel’s other weekly survey showed, and by November 5, the unloading rate had picked up, as the number of the iron ore vessels queuing at these ports reduced by 16 on week to 133 in total.
Over October 30-November 5, the average daily iron ore discharge rate from these 45 ports rose for the second week too to a total of 3.2 million tonnes/day, or up 68,000 t/d or 2.2% on week, partly due to the fact that some steel mills in South China resumed operations after their routine maintenance, Mysteel noted.
The breakdown by iron ore form showed that iron ore fines was the only one with an increase over the week by 1.5 million tonnes or 1.8% to around 81.5 million tonnes, while lumps, pellets and concentrates all posted on-week decreases, with the first down 65,700 tonnes to 25.8 million tonnes, pellets down for the fourth week by another 738,300 tonnes to 8.77 million tonnes, and the last having reversed down by 174,300 tonnes to 12.1 million tonnes.
By origin, stocks of both the Australian and Brazilian iron ore rose, and the former increased for the third week by another 417,800 tonnes on week to 60.7 million tonnes as of November 5, and the latter had stayed on the uptrend since late-July, gaining another 173,500 tonnes on week to 39.6 million tonnes, according to Mysteel’s latest data.
By ownership, the tonnage with the Chinese traders inclined for the seventh successive week by another 380,000 tonnes on week to 62.1 million tonnes as of November 5, or accounting for 48.5% of the total, 0.15 percentage point higher on week.
Written by Li Ye, liye@mysteel.com
This article has been published under an article exchange agreement between Mysteel Global and SteelMint.
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