Guangdong province iron ore import price in H1 up by 88.8%

July 15, 2008

July 15th (Steel Guru) – According to Customs of Guangzhou, in H1 2008 the imported volume of iron ore in China’s Guangdong province gained by 17.5% YoY to 5.24 million tonnes which is valued at USD 870 million and the price surged by 88.8% to USD 167 per tonne on average.

According to the Customs, it is the international iron ore talk and rocketing freight rate that combine to cause the increases in import volume and prices of iron ore in Guangdong province in the first half of 2008.

Baosteel’s first acceptance of 65% iron ore price rise earlier this year with Vale and then the settlement with Australian miners of 96.5 hike on lump lead to worldwide upsurge of this resource. Meanwhile, freight rate from Brazil to Tianjin port surges to current USD 80 per tonne from USD 20 per tonne in 2006, and the case is true with ports in Guangdong province. The rise in freight rate directly triggers cost increase of imported resource.

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