China: Port stocks build 2.85 million mt; Iron Ore Expected To Trade Soft

AI Summary

Iron ore inventories at 35 major Chinese ports increased by 2.85 million metric tons week over week, while indicators point to weakening spot demand. Lower seaborne premiums and freight rates slightly improved imported ore margins, but the outlook for iron ore trading remains soft.

The average imported iron ore margin widened slightly from 6.01 yuan/mt to 6.38 yuan/mt this period. Lower seaborne premiums for some brands and lower freight rates were the main drivers. Port inventory data this week point to gradually weakening spot demand. Iron ore stocks at 35 major Chinese ports rose 2.85 million mt week-on-week to ...