As of January 18, total iron ore inventory at 30 major Chinese ports amounted to 70.65 million mt, down 3.85 million mt week on week, according to China’s National Bureau of Statistics. Meanwhile, the total iron ore inventory on the given date was 27.76 million mt lower compared to the same time last year and is the lowest level recorded since the end of November 2011.
As of January 18, at Chinese ports inventories of iron ore from Australia and Brazil decreased by 1.36 million mt and 1.53 million mt respectively, while inventory of Indian origin iron ore increased slightly, all on week-on-week basis. Inventory of iron ore from Australia was below 33 million mt, and inventory of iron ore from Brazil at the ports was lower than 19 million mt.