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Iron Ore Stockpiles at Chinese Ports Decline

Iron Ore, Steel

Iron ore inventories at 42 Chinese ports surveyed by U-Metal dropped to 110.0 Mt on 15 May, down by 1.8 Mt week-on-week to the lowest since late December 2016. Stockpiles have fallen by 6.8 Mt since 17 April.

Meanwhile, steel inventories in major Chinese cities declined week-on-week for a ninth consecutive time to 17.1 Mt on 15 May (-1.0 Mt), the lowest since early February, U-Metal data show. However, stocks were above an average 11.7 Mt held in May 2019.