Iron Ore Carriers Head for Port of Long Beach
Iron ore exports start up at Long Beach: Western U.S. mines supply the raw material for shipment to Asia.
Officials gathered dockside to celebrate the exporting of iron ore from the Port of Long Beach – a promising new line of business developed by SA Recycling, a longtime exporter of scrap metal.
SA Recycling is working with CML Metals Corp. to send iron ore from mines in Utah, California, Arizona and Nevada to meet the growing demand for raw materials in Asia’s booming steel industry. The iron ore exports, which started up this spring, are the first in 40 years from the Port.
“The Commission appreciates our industry partners’ efforts to find new business, especially export business, at the Port,” said Long Beach Harbor Commission Vice President Thomas Fields. “SA Recycling is a top-notch innovator, and we’re delighted that the Port was able to assist SA in expanding into the iron ore market.”
“I’m really excited about it,” said George Adams, president and CEO of SA Recycling. “The price of iron ore is starting to rise to the point where you can afford to mine it and ship it to China, South Korea, Malaysia and other Asian markets.”
At prices nearing $140 per metric ton, iron ore is a rising star in the U.S. economy and a perfect fit for SA Recycling and the Port. The raw material is abundant in the western U.S., the demand in Asia is rising rapidly, and SA Recycling’s Long Beach port operations are well suited to handling the cargo.
After a year of planning with the Port, SA Recycling recently loaded and sent its first 50,000-ton shipment of the raw material. If market demand remains strong, SA Recycling could export more than 1 million tons this year.