China's Iron Ore Port Inventories Climbed in July
Inventories of iron ore at Chinese ports increased for the sixth consecutive week to 113.3mn tonnes as of July 24. The upward trend came after the iron ore inventories hit a four-year low of 105.6mn in mid-June after the Chinese government eased the restrictions, imposed to cope with the COVID-19 spread. However, driven by the positive sentiment over the global steel demand for the rest of the year, the port stockpiles started to increase since then.
As of 27 July, Rizhao port registered the largest iron ore inventories 12.9mn tonnes, which was similar to Qingdao port with 12.8mn tonnes, followed by the Qingdao port with 11.6mn tonnes.
Further data and analysis on China’s economy is available on the CEIC China Economy in a Snapshot – Q3 2020 report.