Bulk Market Suffers Despite Record China Steel Output

By Eric Haun
Wednesday, May 14, 2014
File photo

BIMCO reported that China's average daily crude steel output reached a record 2.29 million metric tons in April as steel mills lifted production to meet seasonal demand, though signs of weakness in factory output and the property sector could feed through later in the year.

Steel demand in China traditionally improves in Q2 as construction and manufacturing pick up with better weather.

April's crude steel output of 68.84 million metric tons was below the record high of 70.25 million metric tons in March, according to China's National Bureau of Statistics.

Peter Sand, BIMCO’s Chief Shipping Analyst, said, "Despite the encouraging data from China, the dry bulk market is currently weaker than expected. Chinese iron ore demand has helped, primarily in the Capesize segment (currently at $11,228 per day), whereas the smaller segments suffered more significantly from a soft patch in demand and fundamental oversupply."

Last week, China reported iron ore imports 83.39 million metric tons in for April, the second highest monthly figure on record, second only to January 2014 (86.8 mt). Iron ore imports in the first four months of 2014 were 305.3 million metric tons, up 21% year-on-year, BIMCO said.

Sand added, "BIMCO expects the market to improve steadily going forward, as tonnage demand, first and foremost in the Atlantic basin, picks up. Our demand expectations for the full year remain unchanged."

bimco.org

Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Bulk Carrier Trends

US Rail Jams Force Rush to Roads and Rivers

U.S. coal-burning power utilities are being forced to turn to barges and more expensive trucks to move coal, desperate to shore up stockpiles left dangerously low

Latest Ocean-Going Shipbuilding Orders

Clarkson Hellas notes in its latest 'S&P Weekly Bulletin' shipbuilding orders placed in the dry bulk, tankship, gas carrier and containership sectors, as follows: Dry

Port of New Orleans Sponsors Agricultural Summit

The Port of New Orleans has signed on as a sponsor for the 9th annual Oilseed & Grain Trade Summit, taking place here October 7-9, 2014, at the Hyatt Regency New Orleans.

News

BMT WBM to Showcase TUFLOW at World Bank Seminar

BMT WBM ( (BMT), a subsidiary of BMT Group Ltd, a leading international engineering and risk management consultancy, is delighted to announce that it will be presenting

Rosneft and AVTOVAZ Strengthen Strategic Cooperation

Rosneft President, Chairman of the Management Board Igor Sechin and AVTOVAZ President Bo Inge Andersson signed an Agreement of development of strategic cooperation,

RWE Dea Helps Cleveland Juniors Reach Goals

Yesterday, a new club house for the Cleveland Juniors Football Club in Middlesbrough in northern England was officially opened. With support from RWE Dea, the

Logistics

DP World 1H 2014 Profit Soars

Global marine terminal operator DP World releases strong financial results from its global portfolio of marine terminals for the six months to 30 June 2014, delivering

ISS Celebrates ISO Accreditation in M.East and Africa

Inchcape Shipping Services (ISS), the world’s leading maritime services provider, is celebrating the awards of ISO 22000:2005 – Food Safety Management System and

Nine Share in US$6-B DoD Contract Modifications

The US Department of Defense informs that nine companies have each been awarded indefinite-delivery/indefinite-quantity fixed-price option-year two modifications

 
 
Maritime Careers / Shipboard Positions Naval Architecture Navigation Pipelines Pod Propulsion Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2389 sec (4 req/sec)