As of December 21, total iron ore inventory at 30 major Chinese ports amounted to 73.81 million mt, down 2.06 million mt week on week, constituting the eighth consecutive week-on-week decline, according to China’s National Bureau of Statistics. Meanwhile, the total iron ore inventory was 23.01 million mt lower compared to the same time last year.
Specifically, as of December 21 iron ore inventory at 12 of the 30 major ports witnessed a decrease, while 12 ports saw an increase in iron ore inventory and iron ore inventory at six ports remained unchanged, all on week-on-week basis. Iron ore inventory at the port of Rizhao decreased by 1.5 million mt, registering the largest week-on-week decline, while iron ore inventory at the ports of Qingdao and Jingtang both decreased by 500,000 mt, week on week. However, iron ore inventory at the ports of Zhanjiang, Beilun and Fuzhou witnessed respective week-on-week increases of 400,000 mt, 300,000 mt and 270,000 mt.
As of December 21, at Chinese ports inventory of iron ore of Australian and Indian origin respectively decreased by 1.77 million mt and 410,000 mt week on week, while inventory of iron ore from Brazil increased by 470,000 mt on week-on-week basis. Meanwhile, as of the given date the total inventory of iron ore of Indian origin at the ports declined below 3 million mt.