4 months' iron ore stock pile up at China's main ports
Statistics reveal that for the first 9 months of this year, China’s imports of iron ore totaled 346.1114 million tons, increased by 21.68 percent compared with a year earlier.
By October 15, iron ore stocks at China’s main ports reached a record level of 89 million tons, which is sufficient for 3-4 months production demand for domestic mills, indicated by Luo Bingsheng, executive vice president of China Iron and Steel Association (CISA).
The world declining steel demand already turned iron ore market to over-supply situation, which allows us favorable stand point at the iron ore negotiation next year. Vale’s price-hike request will be out of the question, he added.
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