China’s Major Ports Unload 24% More Iron Ore Imports in April
May 7th, 2009Wow. I wouldn’t have guessed this one.
Via: Bloomberg:
China, the world’s largest consumer of iron ore, said its major ports unloaded 24 percent more of the imported steelmaking ingredient in April from a year ago, a record for a second month.
Ships dropped 53.5 million metric tons of iron ore last month at major ports, the Ministry of Transport said on its Web site. That beats the March record of 51 million tons.
Stockpiles at the nation’s major ports reached 62 million tons last month, the statement said.
China is seeking to buy 100 million tons of cheaper iron ore from overseas as high-cost domestic mines close, Brazil’s Cia. Vale do Rio Doce, the world’s largest supplier of the material, said last month. International cash prices for iron ore will bottom this quarter because of rebounding Chinese demand, Goldman Sachs JBWere Pty said May 1.
This is the almost clean inverse of the graphs we´re seeing on US flows. China has the cash and they´re using it to stock up on collateral for the future reserve currency, their Yuan. Or at least, that´s the plan.