SMM

As of November 24, iron ore inventories across 35 ports tracked by SMM totalled 110.49 million mt, up 540,000 WoW but down 18.94 million mt YoY. In the future, overseas shipments will remain stable, but the proportion of shipments to China will fall slightly. According to SMM statistics, pig iron output losses triggered by maintenance of BFs will decrease this week. It is expected that rigid demand will still support shipments from the ports, and iron ore inventory at 35 ports will swing narrowly.