As of October 19 this year, total iron ore inventory at 30 major Chinese ports amounted to 90.01 million mt, down 760,000 mt week on week, according to China's National Bureau of Statistics. The overall iron ore inventory figure has thus declined to its lowest level since the beginning of this year, while indicating a decrease of 2.21 million mt compared to the same time last year.
Specifically, as of October 19, iron ore inventory at 12 of the 30 major ports witnessed a decrease, while iron ore inventory at 13 ports remained unchanged and five ports saw an increase, all on week-on-week basis. The largest week-on-week decreases in iron ore inventory were recorded at the ports of Nantong and Lianyungang, amounting to 420,000 mt, and 400,000mt respectively. Meanwhile, due to three-day closures amid strong winds, inventory at the ports of Caofeidian and Tianjin both increased by over 200,000 mt, while iron ore inventory at the port of Jintang indicated an increase of 400,000 mt, all on week-on-week basis.
In the week ending October 19, inventory of iron ore from Brazil and Australia at the 30 major Chinese ports in question indicated respective increases of 100,000 mt and 70,000 mt, while inventory of Indian origin iron ore was down 570,000 mt, all week on week.