As of June 29, total iron ore inventory at the main Chinese ports amounted to 96.81 million mt, increasing by 950,000 mt week on week and up 3.64 million mt year on year, as reported by China Daily. Overall iron ore inventory at the main Chinese ports has now been below 97 million mt for the past seven consecutive weeks.
The China Iron and Steel Association (CISA) has indicated that in mid-June (June 11-20) average daily crude steel production in China was 1,970,500 mt, down 1.4 percent compared to mid-May, which would point to weaker demand for iron ore, resulting in higher inventories of the raw material.