There is a busyness in Chinese ports with the tightening of the Kovid-19 rules for ships. Charter companies and ship owners state that iron ore shipments are 10 days longer than before the pandemic due to the problems experienced.
Tightening measures due to increasing cases in Hong Kong also cause delays in shipments of products such as electronics and petrochemicals made from ports.
According to logistics firm project44, the number of ships waiting to enter Hong Kong port averaged around 23 per day in January. In December, that number was 18. This is one of the largest increases seen in Asian ports.
The Chinese government has recently announced new plans to curb the rise in iron ore prices, and the government has called on some iron ore companies to bring their excess inventories to a reasonable level. It is stated that the problems in the ports may cause fluctuations in iron ore prices. Iron ore is up 0.3 percent on the Dalian Commodity Exchange today.
Comments
No comment yet.