Maybe we need to re think the way we look at record China io stockpiles.
I've read:
-stockpiles now at record 136 mill tonnes.
- Imports for first 4 months this year are 8% higher than previous year
Yes China has more io than ever before, which is definitely a negative.
But how did this situation come about, record supply and also record and ever increasing demand by China.
After all this stockpile only represents 7 weeks worth of imports. Is that really a lot? Maybe not. When the economy that size is growing at 6.5% every year, the demand is going to increase massively.
Maybe in a couple years Chinese stockpiles might level out at a few hundred million tonnes and this will become the new norm.
Iron ore price, page-1648
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