Chinese Ports’ Iron Ore Inventories Continue Higher

Iron Ore, Steel

Iron ore stockpiles at 42 U-Metal surveyed ports surged 2.8 Mt in the week to 30 October to a year-to-date high of 126.6 Mt.

Simultaneously, steel stocks in major Chinese cities eased 0.8 Mt during the same period to 13.1 Mt, down for a third week in a row to the lowest level since late January. However, inventories were above the 9.4 Mt held on 1 November 2019.