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|  | | Ports charge more for iron ore stockpiling |
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¡¡¡¡May 27th, Xiong Bilin, Deputy Director of Industrial Development in the NDRC, has revealed that currently iron ore stockpiling is having growing pressure on ports. Consequently, iron and steel plants as well as traders will be required to take delivery as soon as possible; railway departments will facilitate this by providing adequate wagons, while ports will appropriately increase stockpiling charges.
¡¡¡¡As of May 15th, 79.22 million tons of iron ore was in stockpiles throughout China's various ports, and this record high is still rising. Qingdao Port, Rizhao Port, Tianjin Port, Lianyungang Port are among the group suffering from a huge iron ore backlog.
¡¡¡¡As a result, some domestic ports have already prepared to charge more on iron ore stockpiling. It is learnt that from June 1st, Tianjin Port will begin charging RMB 0.4/ton/day on stockpiling for 90 days or more, RMB 0.2/ton/day on 60-90-days, RMB 0.1/ton/day on 60-days. Stockpiling will be free only within 30 days. Qingdao Port and Rizhao Port will soon confirm the expenses added. ¡¡¡¡Link
¡¡¡¡Li Shurong, analyst from Shenyin & Wanguo Securities Co. Ltd. believes that the massive amount of iron ore stockpiling is mainly because traders buy to avoid possible rises while China and Australia are still in iron ore negotiations. Iron ore is being hoarded and cornered, but this shouldn't last long.
¡¡¡¡Zhu Kai, President of CVRD China, said that in contrast to the global growth at 6.8%, China's apparent consumption of finished steel may increase 12% to 442 million tons. What's more, crude steel output in 2008 is expected to increase to 540 million tons over the last year's 489 million tons.
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