Analysts are currently forecasting de-stocking of Chinese ports’ iron ore inventory, based on the high physical level of stocks (~111 Mt).  However, consider that China’s iron ore stockpiles compare with import levels reported at ~83 Mt in the last month on a basis consistent with past stocks and imports. ó The (111 Mt) stocks represent approx. 40 days (1.34 months) of imports in stocks at port.  I consider it a working inventory, particularly when you look at historical data which shows that inventories calculated as months’ imports consistently fell within a range of 1.3-1.6 months from when import levels of 30 Mt/mo to the current period and level.