SMM data showed that iron ore stocks across 35 Chinese ports totalled 102.96 million mt as of May 8, down 2.29 million mt from April 30 and 21.53 million mt lower than a year ago. Daily average deliveries from the 35 ports decreased 18,000 mt from the week before the long holidays to 2.88 million mt this week. Most steel mills restocked as needed. Port stocks are expected to decline at a slower pace as Australian and Brazilian shipments to China rose while demand is unlikely to improve significantly.
