According to the statistics released by China's National Bureau of Statistics, as of August 24 total iron ore inventory at 30 major Chinese ports amounted to 98.95 million mt, up 830,000 mt compared with the previous week and up 3.74 million mt year on year, and constituting the highest level of the past 23 weeks.
Specifically, as of August 24, 15 of the 30 major ports witnessed an increase in iron ore inventory, while seven ports saw a decline, all on week-on-week basis. The largest week-on-week increase in iron ore inventory, amounting to 300,000 mt, was recorded at the port of Jingtang, followed by an increase of 270,000 mt at the port of Fuzhou. Meanwhile, inventory at the ports of Rizhao and Qingdao both increased by 100,000 mt on week-on-week basis. On the other hand, iron ore inventory at the ports of Caofeidian and Tianjin witnessed obvious decreases, down 300,000 mt and 290,000 mt week on week, respectively.
In the week ending August 24, iron ore inventory at the 30 major Chinese ports in question supplied by Brazil and Australia increased respectively by 820,000 mt and 160,000 mt week on week, while iron ore inventory of Indian origin indicated a week-on-week decline of 430,000 mt.