SMM

As of February 28, SMM data showed that the total inventory at 35 ports dropped to 148.16 million mt, down 1.02 million mt WoW and up 12.69 million mt YoY. The daily average port pick-up volume of imported ore was 2.875 million mt, up 12,000 mt WoW and up 60,000 mt YoY. This week, finished steel prices rose while ore prices fell. After locking in profits, steel mills increased their iron ore procurement volume, driving a continuous rise in port pick-up volume and further reducing port inventories. By region, east and south China ports saw significant destocking, while the reduction in north China was relatively small, and inventories at north-east China ports slightly increased.