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| China steels iron sector |
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| PostTime:2010-02-08 07:55:25.0 View:34 |
| IN BOTH the Capesize and Panamax markets for iron ore, inquiries have been limited this week, with rates slowly easing down. Volatility in the paper markets has shown no clear direction, which has made inquiries for longer period charters scarce. Without China's financial stimulus, large numbers of the world's Capesize and Panamax fleet would be struggling towards profits in the sector ? or in lay-up. China's General Administration of Customs said China's imports of iron ore rose by nearly 185M tonnes in 2009 from 2008 levels. That is more than 1,000 Capesize equivalents. Putting it more graphically, that's three additional Capes sailing per day. Now compare that with the other two large steelmakers in the region. In the same period, South Korea's imports fell 15%, or by 6M tonnes, while Japan's fell 25%, or by 26M tonnes. So without China, where would the market be? |
| Source:Portguide Author: |
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