Metals pile up at China, Japan ports
China and Japan are suffering from the recession in a big way now with its ports are flooded with goods which were either supposed to be exported or imported for the manufacturing sector. What is now happening in China is similar to India and other developing nations. Ports of China are full of goods for which orders were cancelled following the global slump.
Same is the case with Japan also. Aluminum stockpiles in Japan, Asia’s largest importer, climbed to the highest level in more than a decade in January.
Inventories in Yokohama, Nagoya and Osaka ports jumped 64 per cent from a year earlier to 363,200 metric tonnes in January.
Stockpiles increased after Japan’s economy shrank at an annual 12.7 per cent pace last quarter, the most since the 1974 oil shock.
Japan’s shipments of rolled aluminum products tumbled 22 per cent in December. Shipments fell to 142,976 tonnes from 182,566 tonnes a year earlier.
The country’s gross domestic product fell for a third straight quarter in the three months ended December 31.
Exports plunged a record 13.9 per cent from the third quarter as global demand for Corolla cars and Bravia televisions slumped.
Same is the case with Japan also. Aluminum stockpiles in Japan, Asia’s largest importer, climbed to the highest level in more than a decade in January.
Inventories in Yokohama, Nagoya and Osaka ports jumped 64 per cent from a year earlier to 363,200 metric tonnes in January.
Stockpiles increased after Japan’s economy shrank at an annual 12.7 per cent pace last quarter, the most since the 1974 oil shock.
Japan’s shipments of rolled aluminum products tumbled 22 per cent in December. Shipments fell to 142,976 tonnes from 182,566 tonnes a year earlier.
The country’s gross domestic product fell for a third straight quarter in the three months ended December 31.
Exports plunged a record 13.9 per cent from the third quarter as global demand for Corolla cars and Bravia televisions slumped.