SMM

As of November 8, the total iron ore inventory at the 35 ports monitored by SMM reached 148.39 million mt, down 1.71 million mt WoW, up 37.64 million mt YoY. The daily average port pick-up volume of imported ore was 3.052 million mt, down 37,000 mt WoW, up 160,000 mt YoY. Last week, iron ore port arrivals decreased. Coupled with the demand side, due to the shrinking profits of steel mills, raw material procurement was mainly on-demand, leading to a decline in port cargo pick-up. Overall, due to the significant decrease in port arrivals, port inventory showed a downward trend. Looking ahead to this week, considering the strong shipments in the previous period, port arrivals may return to normal levels, and port inventory is expected to accumulate again.