Australian miners say they aren't experiencing delays to shipments, but this could change if the current slump in steel prices continue amid lingering global growth concerns.
If conditions don't improve, Chinese steel makers could slow imports as inventory is already high at ports and steel mills, said Zhang Changfu, vice chairman of China Iron and Steel Association (CISA)
“I haven't heard of any delay in shipments. But I think we could delay purchases due to the uncertainty in the market and high inventory,” Zhang said, noting that current inventory in the country was enough to support production for about 35 days.
“Some steel mills said they will have to ask to delay shipments if steel prices remain sluggish while iron ore prices remain high in the coming months. They probably won't do that” eventually, the official said.
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