China Port Iron Ore Reserves Peak Since August 2018

By November 11, total stocks of imported iron ore in China's 45 major ports rose to a high since August 17, 2018, at about 150 million tons after a seventh week increase of 3 million tons, or 2.1%, mainly due to a decline. in terms of daily unloading, it outstripped the lower receipts of new cargoes at these ports from 5 to 11 November.

During the most recent study period, the total tonnage discharged from these 45 ports decreased in the second week by an additional 119,400 tons per day, or 4.2%, to 2.7 million tons per day, although from 1 to 7 November, these ports received about 24.2 million tons. iron ore, which also fell 286,000 tons or 1.2% in its second week, according to another Mysteel survey of shipments.

Chinese steelmakers shipped less iron ore out of ports as their steel margins have been severely eroded by falling domestic steel prices and some have even suffered losses, while their steel production will be curtailed by electricity rationing and winter restrictions. in the coming months, said a Shanghai-based analyst.

Among all the port's reserves, Brazilian tonnage increased by another 2.1 million tons, or 4.2%, in the 15th week, to 51.9 million tons, which is a new high since December 25, 2015, when Mysteel began research, and the Australian ore also peaked since April 5th. 2019 from 71.2 million tons, or with an increase in the fifth week by 617.3 thousand tons.

In terms of products, lumps and pellets decreased: in the former, it decreased from a six-week increase by 724,400 tons, or 3%, to 23.6 million tons, and in the latter, by 174,000 tons, or 4.3%, to 3.8 million tons after growth in the previous two weeks. Concentrates, on the other hand, rose by 78.6 thousand tons in the fourth week to 11.2 million tons.

By ownership, trader-owned tonnage has renewed at its highest level since December 25, 2015, at 87.9 million tonnes after a seventh week rise of 922,000 tonnes, or 1.1%, or 58.6% of the total, which declined 0.6 percentage points after five weeks of growth.