The total volume of imported iron ore arriving in Zhangjiagang port during the first three months of 2010 surged by 175 per cent year-on-year to 1.74m tons. The shipments were worth US$190m, up 259 per cent, according to China News Services.

The upturn was attributed to two factors. One is that while China’s price negotiations with the world’s major iron ore suppliers have been dragging on, steel manufacturers have imported in large quantities to ensure sufficient stock. In addition, some trading companies have been importing aggressively on speculation that the price would continue to rise.