Iron ore price, page-21569

China imported iron ore port stocks at 109 Mt

2020-05-22

Imported iron ore inventories at 45 major ports fell for the fifth consecutive week, down at a pace of 1.69 Mt, or 1.5% on week over May 15-21 to 109.6 Mt , or a new low since September 2016, as daily discharge rates at these portsrebounded 2.5% on week, according to Mysteel’s latest weekly survey.

Among the total volume, Australian iron ore reversed down 921,900 tonnes or 1.4% on week, to about 63 Mt, while the Brazilian iron ore fell six weeks in a row, down another 695,000 tonnes or 3% on week to 21.9Mt

https://www.mysteel.net/article/5014799-050102/Brazils-iron-ore-exports-in-March-dip-to-217-mln-t.html

Folks, Brazil is clearly getting into deeper and deeper water. Exported IO has decreased for 6 weeks in a row, and is not rising above the disastrous January February rainy season slump. Even the very poor result for Brazil in 2019, which kept IO prices elevated all year, is going to look good this year.

No wonder Chinese port stocks are declining.