In February, the foreign trade container throughput of the eight major hub ports increased by 60.7% year on year, which is better than the pre-epidemic level

Currently, countries are stepping up vaccination efforts to outpace virus mutations, with the number of new crown vaccines vaccinated globally now exceeding the cumulative number of confirmed cases.Domestically, enterprises are encouraged to return to work earlier than in previous years during the Spring Festival.

In terms of ports, the cargo throughput of major coastal hub ports monitored by China Ports Association increased by 24.2% year-on-year in the first half of February, which increased by 27.5% in the first half and 20.7% in the middle of February.The throughput of foreign trade cargo increased by 22.7%, 27.5% in the early ten days and 17.9% in the middle of the year.The throughput of the Yangtze River hub ports increased 30.7 percent year on year.

It should be noted that since February last year was the most severe epidemic period in China, the throughput in this period grew faster than that in the same period last year because of the low base affected by the epidemic.

Details are as follows:

Since January and February, the foreign trade container business of the eight major hub ports has continued to be strong

In the first half of February, the container throughput of the eight key ports monitored by the China Ports Association increased by 60.7% year on year, among which, the container throughput of the first half increased by 73% and the container throughput of the middle half increased by 48%. The container throughput of foreign trade increased by 65.5% and the container throughput of domestic trade increased by 43%.Since February 2020 was the month in which China's port container business was most severely impacted by the epidemic, the rapid year-on-year growth in this period was due to the low base seriously affected by the epidemic in the same period last year, but compared with the same period in 2019, the growth rate could reach 9%, indicating that the container business has been better than the pre-epidemic level.In terms of ports, the growth rate of Shenzhen Port is over 100%, that of Shanghai Port is nearly 90%, that of Ningbo Zhoushan Port is over 70% and that of Tianjin Port is over 60%.In order to alleviate the shortage of empty containers, the liner companies have increased their allocation of empty containers, and the empty container callback has increased significantly, but the overall supply is still tight.

2. Maintaining steady coal shipments at key monitoring ports

Around the Spring Festival, industrial and mining enterprises will have a holiday, and temperatures around the beginning of spring will generally rise. The overall demand for electricity will fall, the coal market will enter the slack season, and the market coal price will continue to fall.Procurement of power plants is mainly based on the long coal cash, the market coal procurement enthusiasm is not high.In addition, according to the feedback from the port, the enthusiasm of the cement industry to pull coal has picked up recently, which is related to the early resumption of work in the infrastructure industry.In the first half of February, the coal throughput of Qinhuangdao Port and Shenhua Huanghua Port increased by 26.6% year on year, including 30.5% increase in the first half of February and 22.4% increase in the middle of February.The high year-on-year growth rate is also due to the low base factor that was severely affected by the epidemic in the same period last year, which increased by about 6% compared with the same period in 2019.Inventory, during the Spring Festival, state-owned mines guarantee supply and increase output and increase port delivery, port coal inventory recovery.As of February 20, coal stocks in the two ports increased by 6.7% compared with January 31, with Qinhuangdao's stock increasing by nearly 9%.

3. Crude oil throughput of key monitoring ports maintained a fast growth rate

Since February, crude oil prices in the international market have continued to recover under the influence of favorable vaccine and limited production capacity of some oil-producing countries.Oil prices are up nearly 17% since the end of January, with ICE Brent crude trading at $65 a barrel and domestic refined oil prices rising for the seventh straight year.Since February, the refinery operation rate has been stable on the whole. It is reported that Shandong local smelters will carry out their equipment maintenance for 1-2 months in March, and the crude oil processing volume will be reduced.In the first half of February, crude oil throughput of coastal ports monitored by China Ports Association increased by 22.2% year on year, including 21.4% in the first half of February and 23.1% in the middle of February.The growth rate of Rizhao Port, Yantai Port and Dalian Port all exceeded 30%.Inventories at key monitored ports rose 24.2 per cent year on year on February 20 and 3 per cent from January 31.

Fourth, the key monitoring port metal ore throughput speed up

Since February, the iron ore market first suppressed and then rose, the pre-holiday price continued to fall, the main contract once fell to 930 yuan/ton level.As a result of the encouragement of the local New Year makes the construction sites around the festival early to resume work, driving the steel market demand early recovery, iron ore prices stopped falling and picked up, has now risen to 1130 yuan/ton.In the first half of February, the metal ore throughput of ports monitored by China Ports Association increased by 21.6% year on year, the growth rate was much faster than earlier period.The increase was 17.8 percent in the first ten days and 25.9 percent in the middle of the year.According to statistics, in February last year, the impact of the epidemic on the port ore business had not yet been fully revealed, so the rapid growth in this period mainly reflects the recovery of the current ore transport demand.In terms of ports, Ningbo Zhoushan Port and Rizhao Port grew by more than 30%, and Tianjin Port grew by more than 20%.

V. Port production at the Yangtze River hub remained stable

Since February, the overall production of the Yangtze River hub port has remained stable, and the port throughput has increased rapidly driven by the demand for warehouse replenishment before the holiday. However, the shutdown of industrial and mining enterprises in the hinterland during the Spring Festival holiday has a certain impact on the port production.According to port feedback, the bulk cargo business recovered quickly after the holiday, and the shortage of empty containers was relatively prominent.Statistics show that in the first half of February, the cargo throughput of Nanjing, Wuhan and Chongqing ports increased by 30.7% year on year, which increased by 52.5% in the first half and 9.8% in the second half of February.The container business of the three major ports increased by 94% year-on-year, including 123.3% in the first ten days and 68% in the second half of the year.

China Port Association

February 23, 2001