Shanghai: China’s iron ore stockpiles at major ports hit an all-time high on Friday. Reuters reported there was 100.9m tonnes of the raw material piled high at quaysides across the nation.
“The growing use of iron ore, China's top import commodity by volume, as a loan collateral amid tight credit conditions in the country has helped inflate the port inventories,” Reuters explained.
A drop in the capesize spot market is deemed very likely on the back of this news.
China set a new record for iron ore imports in January, taking 86.8m tonnes of the raw material. [24/02/14]