HONG KONG: Steel mills in China, the world’s top consumer and producer of the metal, are seeking long-term freight contracts for iron ore, adding to upward pressure on dry bulk rates that are already at 21-month highs.
Shipping officials said large mills, such as Baosteel Group, were trying to secure freights for as long as 20 years, while they prepared to gobble up small and medium-sized mills in an industrial shake-up in the next few years.
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