According to data tracked by SMM, 78 ships arrived at domestic main ports during August 9-15. Arrivals of iron ore cargoes are estimated to stand at 12.49 million mt, down 2.68 million mt from the previous week, and a decrease of 2.32 million mt from the same period last year. Shipments that departed Australian ports were estimated to decrease 4.39 million mt week on week to 14.24 million mt, down 2.07 million mt year on year, and that from Brazilian ports decreased 270,000 mt to 6.01 million mt on a weekly basis, down 1.58 million mt on the year. The shipments from Australian ports declined due to the port overhaul, and the arrivals of imported ore decreased, so the supply of iron ore did not further increase in the short term. However, considering that some blast furnaces are still under maintenance at the smelters in Jiangsu, iron ore prices are expected to be dragged down by the weak demand. Iron ore physical prices dropped further when DCE iron ore futures market vibrated vulnerably, PBF was closed at 1105-1125yuan/mt in Shandong market and at 1115yuan/mt in Tangshan market, with price down of 5-20yuan/mt over yesterday.

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Source: Metals Market Index (MMi)