Zhang Jiagang port witnesses decline in iron ore import

It is reported that, Zhang Jiagang port imported 3.25 million tonnes of iron ore, worth USD 800 million decreasing by 45% YoY and 2% YoY respectively. Both import volume and price points to the downside. There are four reasons for the decline in import volume and price. 1. Early in 2007, steel manufacturers had predicted that iron ore price in 2008 would increase significantly, and thus they began to stock large amount of iron ore, which in turn, reduced their import of this year. 2. The port has limitation itself.3.

Foreign mining enterprises have been offering higher prices, and this forced Chinese customers to resort to domestic resource, cutting import in an objective sense.4. Due to the world economic crisis, the international market of iron ore has remained sluggish and demand from enterprises has dropped sharply, coupled with price decline.