Li Qing, an associate researcher at the Ministry of Communications of China, said at a shipping conference that China's ports are facing a serious backlog of iron ore stocks. This year's iron ore imports may reach a record high of 650 million tons. Li Qing said that China's steel industry is constantly developing, but it must curb excessive growth.
He said that China's iron ore imports increased by 4.1% from January to June, and the iron ore port inventory at the beginning of the year was at a relatively high level of 68 million tons. The Chinese government is taking steps to limit the inventory backlog, but many importers and traders buy large quantities of iron ore during the recession, hoping to sell at a high price in the future to make a profit.
He said that China's iron ore imports increased by 4.1% from January to June, and the iron ore port inventory at the beginning of the year was at a relatively high level of 68 million tons. The Chinese government is taking steps to limit the inventory backlog, but many importers and traders buy large quantities of iron ore during the recession, hoping to sell at a high price in the future to make a profit.
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