According to China’s National Bureau of Statistics, as of September 14 this year total iron ore inventory at 30 major Chinese ports amounted to 95.95 million mt, down 420,000 mt week on week and indicating a decrease for the third consecutive week. The overall iron ore inventory figure thus declined to its lowest level of the latest twelve weeks, though it still indicated an increase of 1.46 million mt compared to the same time last year.
Specifically, as of September 14, iron ore inventory at 14 of the 30 major ports remained unchanged, while 10 ports witnessed a decrease in iron ore inventory and six ports saw an increase, all on week-on-week basis. The largest week-on-week decrease in iron ore inventory, amounting to 260,000 mt, was recorded at the port of Zhenjiang, followed by decreases of 250,000 mt and 170,000mt at the ports of Lianyungang and Lanshan, respectively. Meanwhile, inventory at the ports of Caofeidian and Qingdao both increased by 200,000 mt on week-on-week basis.
In the week ending September 14, iron ore inventory from Brazil, Australia and India at the 30 major Chinese ports in question indicated respective decreases of 170,000 mt,110,000 mt and 60,000 mt, all week on week.