China Port Commodity Update

Iron ore inventories at major Chinese ports increased 0.3% this week to97.75 MT up 4.3% Y-Y. Port inventory has averaged 96.8 MT YTD.

    Indian sourced iron ore totaled 9.4 MT, up 2% W-W, representing~10% of total inventory, the highest level since February 2012.

    Ore prices at major Chinese ports remained flat this week (down 21% Y-Y).

    TSI/Platts average spot prices decreased 2.7% W-W, down 21% Y-Y.

    Thermal coal inventories fell 2.4% this this week to 27.4 MT, up 18% Y-Y.

    Coke inventories rose 3% W-W to 2.13 MT (YTD high), up 3.5% Y-Y.

    Through May, Indonesia remained the largest supplier of thermal coalto China with exports of 25.5 MT (37%) and Australia was the secondlargest with 16.6 MT (24%).

    Average steel prices (HR) of Chinese manufactured steel at major ports fell0.9% W-W to 4,277 RMB, down 12.1% Y-Y. Prices have fallen almost 6% inthe last ten weeks.

    Congestion at major Chinese ports dropped by a day to 3 days this week