As of February 1, total iron ore inventory at 30 major Chinese ports amounted to 67.77 million mt, down 2.33 million mt week on week and constituting the fourth consecutive week-on-week decrease, according to China’s National Bureau of Statistics. Meanwhile, the total iron ore inventory on the given date was 33.72 million mt lower compared to the sametime last year.
As of February 1, at Chinese ports inventories of iron ore from Australia,India and Brazil decreased by 1,360,000 mt, 230,000 mt and 250,000 mt respectively, all on week-on-week basis. Iron ore at Chinese ports from Australia declined to about 30 million mt, while Indian origin iron ore fell to 2 million mt.