SMM

As of January 3, according to SMM monitoring, the total iron ore inventory at 35 ports reached 145.22 million mt, up 240,000 mt WoW and up 25.92 million mt YoY. The daily average port pick-up volume of imported ore was 3.08 million mt, down 47,000 mt WoW but up 140,000 mt YoY. During this period, port arrivals increased slightly; demand side, pig iron production from steel mill blast furnaces declined, and the restocking pace was not evident, leading to a slight decrease in port pick-up volume. Overall, port inventory increased slightly this week. Looking ahead to next week, port arrivals are expected to increase slightly. As year-end approaches, steel mills may accelerate restocking, which could drive up port pick-up volume and lead to a destocking trend in port inventory.