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PrintThe local Customs Office of Guangzhou in south China Friday warned of high risks in speculative import of iron sand as such trades may produce untrue demands and in turn add the production costs of Chinese steel industry.
Statistics released by the Guangzhou Customs show that the iron sand imports via the ports in the southern China province of Guangdong skyrocketed then nosedived in September and October.
The monthly imports from March to August stayed around two million metric tons (tonnes), but in September touched a new high since 2008 of 4.82 million tonnes. But later in October, imports nose-dived to 1.45 million tonnes, the year's low.
Among imports passing through Guangzhou Customs during the January to October period, foreign invested companies imported 2.56 million tonnes, 1.7 times more year on year while local private-run ones imported 5.58 million tonnes, a 94.5 percent year on year surge.
The China Iron and Steel Association (CISA) previously also warned of hoarding risk, believing it would push up the steel-making industry's production costs.
According to CISA, strict measures will be required on enterprises that are licensed to import iron ore so as to safeguard the trade order.
Sources from China Mining
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