Iron Ore Supply Drops at Chinese Ports to 11-Month Lows

Iron ore inventories at Chinese ports have fallen to 11-month lows as local output slows and mills don’t take up the slack in supply.

According to Bloomberg:

The stockpiles dropped 0.9 percent to 100.6 million tons as of Jan. 2, shrinking for a sixth week, according to data from Shanghai Steelhome Information Technology Co. That’s the lowest level since Feb. 14, and the sixth weekly decrease is the longest run of declines since April 2013. The inventories are 12 percent lower after peaking at 113.7 million tons in July.

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