Fortescue works with China on clearing delayed cargo

Australia’s Fortescue Metals Group said it will cooperate with Chinese authorities to resolve unusual customs delays of two iron ore shipments at the Caofeidian Port in Tangshan, reported Reuters.

“We will just work through with the relevant port authorities to understand what they need, such that we clear the cargoes as soon as possible,” Vivienne Tieu, director of Sales, Marketing and Shipping at Fortescue, noting that shipments to the port were relatively small.

Sources told the news agency that the delays were due to inspections for solid waste. The cargoes were in two shipments totaling roughly 400,000 metric tons and worth roughly US$55 million, according to the sources. However, they noted that only the portions earmarked for portside sale after arrival face delay, while volumes already sold were barely affected.

Reuters said the delays come as the miner and Chinese state iron ore buyer China Mineral Resources Group negotiate a 2024 procurement deal.

Source: Reuters

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