SMM

As of April 25, SMM data showed that the total inventory of 35 ports was 139.94 million mt, an increase of 2.1 million mt WoW. The daily average port pick-up volume of imported ore was 3.15 million mt, up 165,000 mt WoW. On the port arrivals side, weather conditions improved, and arrivals remained at a high level. According to the latest SMM tracking data, pig iron production at steel mill blast furnaces continued to rise, driving port pick-up volume higher. Overall, due to the impact of high port arrivals, total port inventory was in an accumulation state. Looking ahead to next week, considering the impact of restocking before the Labour Day holiday, port pick-up volume may continue to rise, and port inventory may experience slight destocking.