August 19,
The project of 400,000 DWT iron ore terminal, invested by Qingdao Port, has been completed a few days ago and became China’s largest Iron ore terminal.
After the iron ore terminal becomes operational, freight rate of Iron ore is expected to decrease sharply.
Meanwhile, this project will play a positive role in curbing Iron ore prices, reducing steel mills’ costs, as well as promoting the development of China’s Iron and steel industry.
Guo Zhiyu, assistant chief engineer of Qingdao Port, said annual throughput of the terminal would be 25 MT, contributing Qingdao Port’s annual throughput to 150 MT in total.
The project will undoubtedly help Vale of Brazil which has close cooperation with Qingdao Port and wishes to operate an Iron ore distribution center. But China Iron & Steel Association’s permission for Vale’s construction of Iron ore distribution center is still unknown.
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