SMM

As of March 21, SMM data showed that the total inventory at 35 ports was 141.44 million mt, up 270,000 mt WoW and up 1.75 million mt YoY. The daily average port pick-up volume of imported ore was 2.922 million mt, down 46,000 mt WoW and up 100,000 mt YoY. With the impact of previous adverse weather weakening, arrivals this period showed an increasing trend; on the port cargo pick-up side, steel mills were mainly purchasing as needed, leading to a slight decrease in pick-up volume, and overall port inventory showed a slight increase. Looking ahead to next week, it is expected that arrivals will continue to increase, and port inventory may continue to accumulate.