Iron ore inventories are reported to be on the rise at Chinese ports, with serious congestion reported at some ports.
In this context, yards at the Luojing iron ore terminal in Shanghai used by Chinese steel giant Baosteel have been rented to traders for storing iron ore. Meanwhile, insiders reveal that overall activity in the domestic steel industry is slow. Many steel mills in the central region of china collect raw material supplies from Luojing,and bring them inland along waterways.
A logistics service provider at Luojing iron ore terminal told a Shanghai Securities News correspondent that the iron ore buildup is currently rising strongly.