ShippingWatch

China increases iron ore import

Chinese iron ore imports in 2013 will increase by six percent, to 870 million tons, according to estimates from the national iron and steel organization.

Photo: Vale

The world's largest iron ore importer, China, continues to increase its demand for the vital industrial commodity. A forecast from the country's national steel and iron organization estimates, according to Secretary General Li Xinchuang, that the import of iron ore to China this year will grow by six percent, reaching a total volume of 870 million tons, according to the Wall Street Journal.

High production levels and declining global demand for iron ore has pushed prices down. Analysts estimate that the world's iron ore producers will extract 14 percent  - or 126 million tons - more than in 2013, and Chinese buyers are taking advantage of this to establish massive iron ore stockpiles. According to the Wall Street Journal, the iron ore price is currently 21 percent lower than last year, right now at around USD 122 per ton of fine-ore.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

SDK Freja anticipates steep earnings drop following record year

Logistics company SDK Freja, which delivered record financials with great advancement on top and bottom lines, takes a more gloomy view of the current fiscal year due to several ”external factors.” However, the growth target remains the same, CEO tells ShippingWatch.

LNG carriers concerned about increasing ship prices

The price on new LNG vessels has soared vigorously, and for Flex LNG this has meant a withdrawal from the market for new ships. Such was the statement by Flex LNG’s chief exec at Marine Money in New York, where he also announced new long-term charter agreements.

Maersk ships delayed up to three weeks on US east coast

Bottlenecks at major container ports on the US east coast have entailed that Maersk vessels are affected by delays of up to three weeks. It’s a combination of congestion, many ships, and a lack of container space, Maersk says.

Further reading

Related articles

Latest news

See all jobs