As of October 26, total iron ore inventory at 30 major Chinese ports amounted to 90.82 million mt, up 810,000 mt week on week and indicating the first week-on-week increase in four weeks, according to China's National Bureau of Statistics.
The overall iron ore inventory figure indicated a decrease of 1.92 million mt compared to the same time last year. Specifically, as of October 26, iron ore inventory at nine of the 30 major ports witnessed an increase, while iron ore inventory at 13 ports remained unchanged and eight ports saw a decrease, all on week-on-week basis. The largest week-on-week increase in iron ore inventory was registered at the port of Lianyungang, with a rise of 450,000 mt.
Due to heavy fog, iron ore inventories at the ports of Caofeidian, Tianjin and Jingtang increased by 400,000 mt, 200,000 mt and 100,000 mt respectively, all week on week. Iron ore inventory at the port of Rizhao indicated an increase of 200,000 mt, while inventories at the ports of Zhenjiang and Bayuquan both decreased by over 200,000 mt, all on week-on-week basis.
In the week ending October 26, inventory of iron ore from Brazil and Australia at the 30 major Chinese ports in question indicated respective increases of 340,000 mt and 520,000 mt, while inventory of Indian origin iron ore was down 130,000 mt, week on week