Posted on 25 Apr 2022
Over April 15-21, imported iron ore inventories at China's 45 major ports decreased to 147.3 million tonnes, down for the fourth week by 1.5 million tonnes on week to hover at its five-month low, as the daily discharge volume at some ports increased over the period, according to Mysteel's survey.
Over the latest survey period, the total iron ore tonnage discharged from the 45 sampled ports reached the highest level since late January, or having recovered by 78,900 tonnes/day or 2.6% on week to 3.1 million t/d after one week of decline, with ports including Caofeidian port in Tangshan in North China's Hebei being major contributors.
The relaxation of the COVID-related lockdowns in Tangshan has enabled steel mills to deliver imported iron ore from local ports since April 8. Prior to that, local mills had been enduring disrupted production due to the shortage of steelmaking raw materials, though a new round of transportation restrictions was introduced again in many districts of the city from April 18.
Among total inventories, both Australian and Brazilian ore hit their five-month lows, with the former decreasing to 69.9 million tonnes after the seventh on-week dip by 1.4 million tonnes or 2%, and the latter down for the fourth week by 554,000 tonnes or 1.1% on week to 48.4 million tonnes.
By product, lumps thinned to a nine-month low of 18.3 million tonnes, down 459,600 tonnes or 2.4% on week, and concentrates slipped by 224,000 tonnes or 2.1% on week to 10.5 million tonnes – also a low since last October.
In contrast, pellets swelled to a 14-month high of 5.4 million tonnes, up for the second week by 296,000 tonnes or 5.8% on week, reflecting steelmakers' softened demand for pellets recently because of thin margins they'd earn on finished steel.
By ownership, the tonnage held by Chinese iron ore traders decreased for the fourth week by 1.3 million tonnes or 1.5% on week to 84.9 million tonnes as of April 21, or accounting for 57.6% of the total, 0.3 percentage point lower on week.
Source:Mysteel Global
