By Paul Ploumis 19 Aug 2015 Last updated at 02:46:38 GMT
Iron ore deliveries have resumed from the blast-hit Chinese Tianjin port. The road leading to Nanjiang port area was reopened Friday night.
BEIJING (Scrap Monster): According to industry sources, iron ore deliveries to local steel mills from Tianjin port have resumed. One of the main roads leading to port operations was reopened late night on Friday. Sources indicate that the road leading to Nanjiang port area was reopened, whereas those leading to Beijiang area still remain closed.
The blasts occurred late Wednesday at a container site for hazardous materials. As per media reports, more than 100 people died and several hundreds were injured, some critically, in the explosions. Following the blasts, delivery operations at the region’s Nanjing and Beijiang ports were halted.
Meantime, China Iron and Steel Association (CISA) forecasts the country’s iron ore prices to improve slightly during Sep-Oct ’15, mainly on account of increased demand, low inventory levels at ports and stabilized yuan. The latest monthly iron ore market analysis released by the Association notes that demand for iron ore is likely to surge during the two-month period, which is traditionally the peak season for Chinese steel sales.
The supply from non-core miners may see further slide during the forthcoming months. The boosted supply from world’s top four miners- Rio Tinto, BHP Billiton, Vale and Fortescue Mining will be deficient to cover the supply shortage. This may lead to depleted iron ore inventory levels at Chinese ports.
As per Chinese customs data, the average import price of the raw material dropped marginally by 1.8% month-on-month to $1.73 per mt during the month of July this year. The iron ore imports from Australia witnessed month-on-month decline of 4.7% to 67.7 million mt in July ’15. On the other hand, imports from Brazil increased significantly by 16.8% to 24 million mt during the month.