Let me be very clear, you have:Stockpiles at port; andStockpiles...

Let me be very clear, you have:

1. Stockpiles at port; and
2. Stockpiles at Mills.

The media is reporting stockpiles are high at port, this data is easy to obtain.

But if stockpiles are low at mills and eventually those mills need to restock, the stockpile at port will eventually take care of itself.

The media isn't telling us anything useful because (2) is the critical part.

My understanding is the margin on steel has been negative recently and that would suggest to me mills have simply run down their stockpiles to await better steel pricing.

If that's the case the issue isn't iron ore stock piles, it's the price of steel and/or the ingredients that go into making steel (including IO, but there are more moving parts to this equation).