Iron Ore Stockpiles at Chinese Ports Continue Lower

Iron Ore, Steel

Inventories of iron ore at 42 Chinese ports edged down by 0.6 Mt in the week to 5 June to 106.2 Mt, U-Metal data show. Stocks have declined by 10.7 Mt over the past seven weeks to the lowest level since November 2016.

According to U-Metal, steel inventories in major Chinese cities also continued to decline, falling by 0.6 Mt on the week to 14.9 Mt on 5 June. Despite the drawdown since March, stockpiles were still above an average 11.9 Mt held in 2019.