Commodities Comment:Iron ore inventory after a surplus year

Iron ore undoubtedly shifted to an over-supplied market in 2014 and whilesome supply was certainly forced out by lower prices, a physical surplus hasemerged in the form of rising inventory. However, stock changes through thesupply chain have not been uniform with mills destocking and Chinese minesbuilding stocks significantly. We review the volume and positioning of iron oreinventory in China at the end of 2014.