Iron Ore Stocks at Chinese Ports Decline
Iron Ore, Steel
Iron ore inventories at 42 U-Metal surveyed Chinese ports fell 1.1 Mt in the seven days to 27 November to 125.9 Mt. Stockpiles have softened since hitting a year to date high of 127.3 Mt earlier in November.
Simultaneously, U-Metal data show steel inventories in major Chinese cities have drawn down, decreasing 0.6 Mt during the same period to 9.9 Mt, the lowest since January. There is typically seasonal decline at this time of year.