During the January-October period of 2009, iron ore imports were 23.74mln tons, significantly increased by over 30% year on year, among them, September quickly rose by 1.3 times, October rapidly slid by more than 20%,

customs frankly told to reporters that iron ore imports suddenly soared
and plunged, and there is possibility traders stored goods to await the
climb.

Reporters learned that iron ore price gradually went up after it set a
fresh low, in October, it hiked to U.S.$88.6 per ton from U.S.$73.7 per
ton. One person in one of Guangzhou port enterprises told to reporters
that in June import volume of iron ore is large, but in October, price
returned to high level, imports sharply declined.

The person stated that there exists tacit understanding between some
iron ore enterprises and traders, they have the intention of storing a
large amount of goods when the price is low, and then they make a
market looking prosperous, when the price rises, to gradually sell out
goods.

Customs persons showed that this cook not only results in the severe
overstock in domestic iron ore and time of goods awaiting to be
unloaded being prolonged, but also makes the freight hike and increases
the production cost of overall steel industry, and the cook bring about
the deceitful demand is not favorable to the 2010 iron ore negotiation.

Currently China Iron and Steel Association will lay down many measures
including re-verifying import qualification to reduce the number of
iron ore importing enterprises and standardize the imported iron ore
trade order

Source: MetalBiz

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