Monday, 30 May 2011
According to data from industry consultancy Mysteel, inventories of imported iron ore at major Chinese ports jumped 10.7% to reach a record 92.45 million tonnes this week,
A shipping broker in east China's Shandong province said that "Many steel mills are reluctant to take their imported tonnages and are leaving their stockpiles at ports for a few days longer as they try to shun imported ore and use domestic ores to lower their costs.”
Volumes from the three major importing countries, Australia, India and Brazil, all rose by smaller margins over the week, indicating that a larger proportion of shipments have been delivered from other countries.
(sourced Thomson Reuters)
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