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Iron Ore April 21, 2014 03:31:59 AM

Iron Ore Import at Chinese Port Reports 60 Percent Growth

Paul Ploumis
ScrapMonster Author
It is reported that the constant decrease in the price of iron ore has led to the increased importing volume of iron ore at Taicang port.

Iron Ore Import at Chinese Port Reports 60 Percent Growth

Beijing (Scrap Monster): It is reported that the constant decrease in the price of iron ore has led to the increased importing volume of iron ore at Taicang port. Under the observance of Taicang inspection and quarantine bureau, about 6.87 tons of about $430 million was imported through this port in the first quarter of this year. The main reason behind this sharp increase in importing volume of iron is as follows:

  • Depreciation of iron price-

The average rate of importing iron over has been decreased to about 8 percent, i.e., 781.9 Yuan/ ton. This led to increase in imports by 20 percent nationwide and national inventory attained about 110 million tons.

  • Recovery of steel market-

Increased export of steel and iron product also led to the rebounding of rolled steel price

  • Geographical and competitiveness advantage

Whole day and all weather water gauge estimation and three shift sampling works enabled a good trading and thus resulted in high importing of iron ore.

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