china and iron ore, page-6

China's steel mills are just starting up. They had 5 weeks off for the olympics and 10 days off for the chinese national holidays. Shougan's steel mill in fact got shut down and the new mill has not started up yet. Maybe that's why the stockpiles are full. Trust China to lie about that. Yeah sure slowdown! China's mills will be flat out catching up on production quotas. Especially with Shougang off line. 90% of china's steel output is for domestic use, infrastructure, fridges etc. China is growing by 9%pa. Domestic steel consumption is growing by 20% pa. Just watch the stockpiles get eaten up in one month and the spot price go up again.