As of November 16, total iron ore inventory at 30 major Chinese ports amounted to 85.31 million mt, down 1.98 million mt or 2.27 percent week on week, according to China’s National Bureau of Statistics.
Specifically, as of November 16 iron ore inventory at eight of the 30 major ports, mostly in North China and Shandong Province, witnessed a decrease, while iron ore inventory at 19 ports remained unchanged and three ports saw an increase, all on week-on-week basis. Iron ore inventory at the port of Rizhao decreased by 800,000 mt, registering the largest week-on-week decline, while the largest week-on-week increase in iron ore inventory was recorded at the port of Lianyungang, with a rise of 300,000 mt.
In the week ending November 16, total inventory of iron ore from Brazil, India and Australia at the 30 major Chinese ports in question was 64.29 million mt, accounting for 75.36 percent of the total iron ore inventory at the 30 ports. Meanwhile, as of the given date inventory of iron ore from Brazil, India and Australia at the ports in question indicated respective decreases of 790,000 mt, 600,000 mt and 420,000 mt, all week on week.