China Steel Corp News

Record iron ore shipments to China moved through Australia's Port Hedland terminal in June, as major producers BHP Billiton and Fortescue Metals operated close to full capacity and inventories at Chinese ports swelled. Most of the ore both companies mine is sent to China, where higher-grade imports are displacing lower quality domestic ore in Chinese steel mills. Shipments to China from the Indian Ocean port increased to 34.5 million tonnes in June from 31.7 million tonnes in May, topping the previous record of 33.9 million tonnes in March, according to the Pilbara Ports Authority.

At the invitation of China Steel Corp. (CSC) and Yang Ming Marine Transport Corp., Wan Hai Lines Ltd. has shown its willingness to enter into a consortium led by CSC to invest in the state-run China Shipbuilding Corp., which has decided to go private through public bidding, according to a report on Taiwan Headlines. China Shipbuilding estimated it would sell a 51 percent up to 66 percent stake to become a privately owned firm. Potential buyers of the China Shipbuilding shares include Evergreen Marine Corp., Taiwan Navigation Co., Yang Ming Marine Transport Corp., Yung Chi Paint & Varnish Mfg. Co., Kuang Tai Co., Wan Hai Lines Ltd., China Steel Corp., MPH, BAE of the U.S., Mitsubishi of Japan, and Hyundai of South Korea.