SMM

As of November 1, the total iron ore inventory at the 35 ports monitored by SMM reached 150.1 million mt, up 770,000 mt WoW and up 42.55 million mt YoY. The daily average port pick-up volume of imported ore was 3.089 million mt, down 13,000 mt WoW and up 270,000 mt YoY. Last week, port arrivals remained high, but due to the recent reduction in steel mill profits, the restocking demand from steel mills was lower than expected, leading to a slight decrease in port pick-up volume. Overall, port inventory showed a slight increasing trend. Looking ahead to this week, given that previous shipments remain at a high level, port inventory is expected to accumulate again.