SMM

As of June 16, iron ore inventories across 35 ports tracked by SMM totalled 124.65 million mt, up 2.07 million mt WoW and 3.30 million mt YoY. The daily average shipments from the 35 ports fell 3,400 mt on a weekly basis to 2.87 million mt last week. Steel mills purchased as required. Shipments from ports decreased due to the safety issue at Caofeidian port. SMM understood that two berths were shut down due to the port accident. But since the accident has been resolved, shipments from ports will rebound to a certain extent.