CHINA OVERSUPPLY OF IRON ORE: INDUSTRIAL SLOWDOWN IN CHINA

FILE: Workers walk past an iron ore storage site at Yingkou Port, one of China's biggest ports for the import of the commodity, Liaoning province. (Reuters)China imported iron ore stockpiles clog ports

" 24-Aug-2012 Intellasia | Caixin | 7:01 AM Print This Post Imported iron ore is piling up at China’s ports, burying the potential for profits at state-owned and private commodities trading companies alike. Demand for ore bought overseas to sell domestically has declined over the past year while the nation’s steelmakers – the traders’ primary customers – work through their own inventories in a weak business environment. Traders are also getting squeezed by a decline in ore prices tied to market adjustments imposed by the world’s major suppliers in Australia, Brazil and India. Traders ranging from the privately held Shandong Huaxin Industry Co. to the sector’s state-owned leader, China Minmetals Corp., are struggling. FILE: Workers walk past an iron ore storage site at Yingkou Port, one of China's biggest ports for the import of the commodity, Liaoning province. (Reuters) “Today, whether large or small, domestic or international, all traders are having business difficulties,” Shandong Huaxin Chair Bai Wenhui said. “Most are posting losse"