Iron ore arriving at Chinese ports increased by 3.11 million tons in a week

According to SMM's estimates, a total of 94 ships carrying 15.17 million mt of iron ore arrived at major Chinese ports between August 1-7. The quantity increased by 3.11 million mt compared to the previous week and 2.52 million mt compared to the same period last year.

During the same period, iron ore deliveries leaving Australian ports totaled 18.63 million mt, up 2.10 million mt week on week, and 3.71 million mt higher than in the same period last year. Departures from Brazilian ports fell 1.51 million mt week on week to 6.28 million mt, down 0.94 million mt from the same period last year. Iron ore inflows to China and exports from Australia increased significantly.

Recently, Tangshan published the Air Quality Assurance Plan for the 2022 Winter Olympics, asking for a reduction of 21.71 million mt of crude steel production in Hebei through 2021. Tangshan will reduce its total production by 12.37 million metric tons. Iron ore demand will remain stagnant and will put pressure on iron ore prices.