Posted on 13 Jun 2022
Total imported iron ore stocks at China's 45 ports surveyed by Mysteel dropped by 3.9 million tonnes or 3% to 128.5 million tonnes over June 2-9, logging the 11th straight on-week dip and a new low since last August, with the decline in new ore arrivals having outpaced the lower daily discharge volume at these ports.
Mysteel's other shipment survey showed that over May 30-June 5, the same 45 ports received around 22.1 million tonnes of new iron ore shipments, falling for the second week by 81,000 tonnes on week.
The total volume of iron ore discharged daily from these 45 ports slipped to 3.2 million tonnes/day as of June 9, retreating by 48,300 t/d or 1.5% on week from the prior week's rise.
Among the total, the stocks of Australian iron ore at the ports dipped again to reach its 15-month low of 60.2 million tonnes, falling for the 14th week by 1.4 million tonnes or 2.3% on week, and that from Brazil decreased to an eight-month low of 43.6 million tonnes after the second on-week drop by 304,500 tonnes.
By product, lump stocks at the surveyed ports touched the lowest level since July 26 2019, thinning for the 10th week by 201,600 tonnes or 1.2% on week to 16 million tonnes, reflecting the improved portside trading of lumps with steelmakers' better demand for the feed due to the retreating prices of coke, market sources said.
Concentrates also decreased over the period by 574,600 tonnes on week to 8.7 million tonnes, while pellets grew by 81,400 tonnes on week to 5.5 million tonnes.
Of all the stocks, 73.6 million tonnes were owned by traders by June 9, down for the 11th week by another 1.4 million tonnes on week, though the proportion thereof recovered by 0.6 percentage point on week to 57.3%.
Source:Mysteel Global
