China's port congestion leads to the decline of sea freight rate

Introduction: London, May 19: according to the shipping broker Wednesday, the two major iron ore import terminals in China are seriously congested, which makes it impossible for businesses to place new orders in a short period of time, thus aggravating the decline of shipping rates Brokers said that tens of millions of tons of iron ore were piled up in the ports of Qingdao and Ningbo Until the iron ore was transported out of the surrounding areas and warehouses, the merchants could not rent the freighters at all Brokers estimate that the delay in unloading may be about a week According to one broker, the congestion at the terminal is so serious that it's a nightmare He pointed out that since last autumn, the backward truck and barge network has been unable to keep pace with the surging demand for iron ore At the end of April, Chinese iron ore suppliers said that iron ore imports are still expected to grow nearly 30% this year But they say the recent government tightening will prevent importers from making any new purchases Steel makers will pull back large stockpiles piled up at the port, reducing spot imports in the second quarter World raw material shipping rates fell again on Wednesday, with the Baltic Cape good hope freight index down 44 points to 4128 Since peaking in January, Cape good hope freight prices have fallen by more than 50% Some key routes' freight rates have fallen completely from their highs At present, the transaction volume is at the level just before the freight rate soared in September last year Panamanian freight rates have also been hit hard The Baltic Panamanian freight index fell 96 points to 3090, well below January's all-time high of 5600 On the benchmark route from Meiwan to Japan, grain prices averaged about $51 a tonne, down at least $10 in the past two weeks, compared with a record high of more than $75 in January.