Serious iron ore congestion in Chinese ports

Serious iron ore congestion in Chinese ports

Based on latest statistics data from General Administration of Customs, China iron ore import for the 1st Q, 05 has surged 24.8% year on year, and import in March has surged largely against that for Jan and Feb period, resulting in serious port congestion. It is estimated that China iron ore quantity stored at ports may approach 40 million tons, which is mainly caused by the increase in the concentrated iron ore import before international iron ore price hike.