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China ports iron ore stocks at record 79.22 million tonnes

(Agencies)
Updated: 2008-05-21 12:56

Imported iron ore stockpiles at Chinese ports reached a record 79.22 million tonnes as of May 15, and the figures are likely to increase further, China's National Development and Reform Commission said.

The commission, the country's top planning body, held a meeting on Friday to discuss how to lower iron ore port stocks, it said in a statement posted on its website, www.ndrc.gov.cn, on Tuesday.

It said the massive inflows of iron ore had caused overstocking and severe congestion in ports in northern China, including Qingdao, Rizhao, Tianjin and Lianyungang.

Lowering iron ore port stocks may help reduce domestic prices for iron ore and strengthen the country's bargaining position in talks over 2008 term prices with Australian miners.

Though Brazilian miner Vale, the world's top iron ore producer, has already agreed on a 2008 price hike of 65-72 percent, talks with Australian miners BHP Billiton Ltd/Plc and Rio Tinto are in a deadlock.

The Australian miners have demanded freight premiums to make up for the difference in transport costs, which at present stand at as much as $60 a tonne.

Severe port congestion in China, due to the large port iron ore stocks, has also helped push up freight rates for dry bulk cagoes to new records. The benchmark Baltic Dry Index hit a fresh high of 11,793 overnight.