China chokes imports; leaving logjam at ports, buyers forced out

摘要

China has further throttled its clearance of imports in recent weeks it appears, with vessel queues ballooning at many major discharge ports, forcing some buyers out of the market. Severe logjams at the main coking coal discharging ports – Jingtang and Caofeidian – have built up, resigning certain steel mills to withdraw from the spot market for the remainder of the year as quotas run dry. While evidence seems to be mounting on the ground that tight controls on intake are likely for the foreseeable future, Beijing remains mute on the direction of its measures through the rest of 2020. There are glimmers of hope that a relaxation of restrictions may yet emerge in some form, although oicials have dashed such hopes before.