Iron Ore Arrivals at Chinese Ports Increased Slightly

According to Mining News Pro -  SMM data showed that a total of 76 ships arrived at major ports in China from May 2 to May 8, carrying 11.81 million mt of iron ore, up 580,000 mt on a weekly basis and 60,000 mt from a year ago. In the same period, shipments from Australia were 1.92 million mt, up 340,000 mt week-on-week and 1.04 million mt YoY; shipments from Brazil were 6.23 million mt, down 890,000 mt week-on-week, but up 620,000 mt YoY. At present, overseas shipments are still recovering, and arrivals at Chinese ports will continue to grow in the future. The domestic pandemic situation is still severe, and macro front is also bearish, thus the market is pessimistic. Steel mills are cautious about buying iron ore in the face of losses. It is expected that iron ore prices will continue to move in a wide range in the short term.