Oslo: In a report out this week Norwegian analysts at Arctic Securities suggest Chinese iron ore imports are set to spike. The news comes as iron ore inventories at Chinese ports stand at their lowest for more than two years.
Stockpiles stood at 71.3m metric tons onDecember 21, according to figures from researcher Antaike Information Development. That is the lowest level since September 10, 2010.
“The decline in iron-ore port stocks should support an increase in Chinese iron-ore imports as restocking takes effect,” Oslo-based investment bank Arctic said.
Iron ore prices to China have shot up in the past five weeks.
“Although we find the recent surge in iron-ore prices as temporary, we think it could have a positive effect on dry-bulk stocks near-term,” the bank said, citing expectations for “a spillover into the shipping markets.” [04/01/13]