According to Mr Wand Jianbo GM of Rizhao Port 30.55 million tonnes of iron ore has been imported at Rizhao Port from Jan to April up by 14.9% YoY and imports in March created a new monthly record for the port.
Mr Wang Jianbo viewed that iron ore imports are mounting and the volume delivered out of the port is also increasing, so stocks haven't piled up sharply. He said that as the largest iron ore handling port by capacity, rising iron ore imports at Rizhao Port should be attributed to five factors: good location, convenient transportation, qualified handling capacity and condition, superior service and many mills around it.
With traders expecting a rally in price due to the iron ore spot price remaining lower than long-term contract prices and cheap ocean freight, iron ore imports have shot up. Mr Wang said in reference to the suggestion that traders and miners are storing iron ore at the ports ia readiness for a future price rally: "we haven't discovered such a situation so far at Rizhao Port."
Source: Steel Guru
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