The iron ore complex was able to rebound on Thursday with a near 2% increase in spot prices, while Dalian prices leaped 5% and futures nearly 2%:
Meanwhile, iron ore inventories are up at Chinese ports, but just barely:
On July 4, inventory of iron ore at 33 major Chines ports amounted to 115.7 million mt, up 0.29% compared to June 27, as announced by China’s Xinhua News Agency.
In the given week, deliveries of iron ore to users continued to increase, while iron ore volumes arriving at port indicated decreases.
Which fits as Vale announced a significant 20% plus drop in exports from January to May (via SteelOrbis):
Brazilian miner Value’s iron ore export volume totaled 18.5 million mt, rising by 10.2% compared to April and decreasing by 17.3% compared to May 2021, according to Brazil’s National Union of the Industry of Extraction of Iron and Base Metals (Sinferbase). In the January to May period of the current year, Vale’s exports decreased by 20.4% year on year to 81 million mt.