The continuous fall in the price of imported iron ore has boosted its import volume at Taicang Port. According to statistics from the Taicang inspection and quarantine bureau, in the first quarter of this year, about 6.87 tons of iron ore worth $830 million was imported through Taicang Port, with a year-on-year growth of 61 percent and 60 percent, respectively.

The main reasons for this sharp rise in import volume are the decline in iron ore price and the recovery of the steel market. In the first quarter, the average price of imported iron ore was 781.9 yuan ($125.65) per ton, a drop of 8 percent. Enterprises began to increase imports as the cost of imports decreased. Import volume nationwide rose by 20 percent, and the national inventory of iron ore reached 110 million tons. As the export of iron and steel products increased sharply, the price of rolled steel rebounded.

The growth rate of imported iron ore at Taicang Port is far above the average due to its competitiveness and geographical advantage. The whole-day and all-weather water gauge evaluation and three-shift sampling work implemented by the Taicang inspection and quarantine bureau make it possible for the port to achieve the maximum speed under full load conditions.