SMM

As of November 15, the total iron ore inventory at the 35 ports monitored by SMM reached 148.51 million mt, up 120,000 mt WoW and up 38.66 million mt YoY. The daily average port pick-up volume of imported ore was 3.184 million mt, up 131,000 mt WoW and up 260,000 mt YoY. During this period, port arrivals increased significantly. Additionally, SMM tracking data showed that pig iron production from blast furnaces at steel mills rose slightly, driving iron ore demand and causing a slight increase in port pick-up volume. However, due to the significant increase in port arrivals, port inventory also showed a slight upward trend. Looking ahead to this week, some steel mills are expected to increase blast furnace maintenance, which may lead to a decline in pig iron production and a potential weakening in iron ore demand, with port inventory expected to continue increasing.