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Wednesday, May 20, 2009

Full up signs across China’s ore terminals

Dalian: Congestion at Chinese ports is worsening because of continuing high volumes of iron ore imports, the well regarded commodity newswire Steel Business Briefing reports this morning, quoting well placed industry sources.
Iron ore imports to China have been at consistent record monthly totals from February to April, thanks in part to the low spot ore price – its lowest in four years.
However from mid-April steel production in China stuttered. Iron ore stockpiles at every major port in China are at twice their average of the past five years, and space is rapidly running out to accommodate any more iron ore. [20/05/09]