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[SMM Steel] New Crown virus has been detected by imported iron ore ships, and mineral prices are expected to hit a new high?
Jul 15,2020 19:03CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

SMM7 March 15, today, a ship carrying Mike powder + Kim Bubba powder arrived at Lianyungang to unload the new crown virus was detected in the black circle. Market participants are generally concerned about whether the incident is true, and whether it will affect the current market situation. In this regard, SMM Steel has carried out multi-party understanding and verification, and basically confirmed that the news is true.

The vessel involved is the Greek ship Princess, which is represented by Lianyungang Sinotrans Shipping Agency Co., Ltd., with a total of 21 foreign crew members. Among them, 11 are Filipino crew members who boarded the ship from Manila, Philippines on July 1, and 6 are five Greek and one Ukrainian crew members who boarded in Hong Kong on July 4. One of the Filipino members detected physical abnormalities.

At present, the port is inspecting the unloading berth of the ship. According to SMM Steel, the port is still in normal operation for the time being. However, the queuing time of the ship involved in the accident and other vessels queuing after that is expected to be longer. It is initially estimated that the investigation will take about a week, and we are still waiting for further notification from the port.

It is preliminarily estimated that the inspection will affect the unloading of subsequent ships, and the efficiency of unloading ports will also be affected to a certain extent. The ship unloads 82387 tons of iron ore in Lianyungang. Considering the inspection cycle, this part of the supply is difficult to reach the ordering steel plant in time, which may affect the normal production rhythm of the steel plant. On the other hand, due to tighter inspection, other ships calling at Lianyungang will also be affected to varying degrees, and the possibility that other ports will also follow up and tighten inspection will not be ruled out. In this way, the supply side of iron ore will add variables, once again give reasons for long capital speculation, ore prices hit a new high may be expected.

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