Iron Ore Inventories at Chinese Ports Continue to Build
Iron Ore, Steel
Iron ore stockpiles at 42 Chinese ports surveyed by U-Metal grew 0.8 Mt in the week to 6 November to just over 127.3 Mt, the highest since May 2019. Nonetheless, there is still room for further build based on levels held in previous years, stocks in November 2017 and 2018 averaged close to 139.1 Mt.
Meanwhile, steel inventories in major Chinese cities extended a downward trend, falling 0.8 Mt on the week to 12.3 Mt on 6 November, the lowest level since late January, U-Metal data show.