SMM

As of June 27, SMM data showed that the total inventory of iron ore at 35 ports reached 136.92 million mt, an increase of 140,000 mt WoW. The daily average port pick-up volume of imported ore was 3.06 million mt, an increase of 82,000 mt compared to the previous week. Recently, both overseas shipments and port arrivals have shown a trend of increasing slightly. In terms of port cargo pick-up, due to the current high level of pig iron production of steel mill blast furnaces, there has been some support for the demand for iron ore, driving a slight increase in port pick-up volume. However, port inventory has still accumulated slightly due to the increase in port arrivals. Looking ahead to next week, port arrivals are expected to continue increasing, while port pick-up volume may remain stable, and overall port inventory may accumulate further.