Chinese steelmakers choose Brazilian over Australian iron-ore
After the detention of four Shanghai-based Rio Tinto employees on charges of international espionage, French shipping data specialist ASXMarine says Chinese steel mills would prefer to import more iron ore from Brazil rather than Australia.
Reuters reported ASXMarine data revealed spot iron ore vessel bookings from Brazil to China climbed to a record 39 in July up from 24 in June.
Meanwhile, after vessel bookings from Australia's mine iron ore ports to China dropped from 40 in June to 31 in July, the lowest number since February. The Rio Tinto executives were detained by Chinese authorities on July 7th.
On Wednesday,
The People's Daily Online
reported, "A queue of ships belonging to Japanese and South Korean steel plants can be seen waiting to load iron ore from Brazilian mining giant CVRD [now Vale] in ports such as Tubarao, indicating the high frequency of the steel plants' deliveries of large quantities of iron ore."
China Daily
reported Chinese steelmakers have delayed their imports from Australian miners and are switching to Brazilian iron ore instead. Zang Dongsheng, deputy general manager for Rizhao Port Group, China's largest iron ore port, said some of his customers have reduced their orders from Australia and turned to Brazil. However, exact figures will not be available until September as shipments from Brazil and Australia would be delayed by one or two months.
Zang predicted iron ore imports into China's main ports would be halved over the next two months.
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