As of April 23, iron ore inventories across 35 ports tracked by SMM totalled 126.78 million mt, up 0.24 million mt from a week ago and 21.53 million mt from a year ago. Imported iron ore arrival decreased this week while some steel mills tend to buy slowly due to high price. Therefore, daily average deliveries this week has decreased 0.076 million mt to 2.595 million mt. Considering recovering imported iron ore arrivals, adding production limitation in Handan city, main port inventory will be difficulty to largely decrease in the later period. DCE iron ore futures performed strongly today, the physical port quotation tend to be steady. PBF at Shandong port dealt as 1235-1240yuan/mt, while PBF at Tangshan port dealt as 1227-1228yuan/mt, slightly decreased 0-5yuan/mt from yesterday. According to some traders, driven by high profits of steel mills, mainstream middle and high-Fe iron ore still are favor of steel mills. But considering the quite low port inventory recently, some traders tend to sell cautiously.
Source: Metals Market Index (MMi)