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China iron ore inventories at ports are building up
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26 November, 2025
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China iron ore inventories at ports are building up

Last week, iron ore inventories at Chinese ports held at 139.6Mt, up +4.7% MoM but still -7.4% YoY, leaving room for a further 10–25Mt of restocking before returning to past highs.

China iron ore port stocks chart in IFCHOR GALBRAITHS brand colours showing monthly inventory levels, year-on-year and month-on-month changes, and 5-year min–max ranges.

The build reflects sustained >100Mt/month arrivals in Jun–Oct, as Australian and Brazilian suppliers continue catching up on annual volumes after early-year weather delays.

Steel fundamentals remain soft with crude steel output down -4.1% for Jan–Oct, including EAF down -20% YoY, while Blast Furnace eased just -0.8% YoY. Despite prices holding above 100 $/t, domestic mining fell -2.6% in Jan–Oct, tightening local supply and directing more material through the seaborne-to-port chain.

For further insights, contact research@IfchorGalbraiths.com.