As of November 30, total iron ore inventory at 30 major Chinese ports amounted to 80.66 million mt, down 1.97 million mt week on week, constituting the fifth consecutive week-on-week decline, according to China’s National Bureau of Statistics. The total iron ore inventory was also 16.58 million mt lower compared to the same time last year.
Specifically, as of November 30 iron ore inventory at 14 of the 30 major ports witnessed a decrease, while iron ore inventory at seven ports remained unchanged and nine ports saw an increase, all on week-on-week basis. Iron ore inventory at the port of Tianjin decreased by 790,000 mt, registering the largest week-on-week decline, while iron ore inventory at the ports of Caofeidian and Jingtang decreased by 550,000 mt and 210,000 mt respectively, both week on week. However, iron ore inventory at the ports of Bayuquan, Nantong and Fangcheng all witnessed week-on-week increases of 250,000 mt.
In the week ending November 30, total inventory of iron ore from India at the 30 major Chinese ports in question declined below 4 million mt, and total iron ore inventory of Brazilian origin was just under 20 million mt. Meanwhile, as of the given date inventory of iron ore from Brazil, India and Australia at the ports in question indicated respective decreases of 110,000 mt, 350,000 mt and 1,370,000 mt, all week on week.