Due to the soaring of sea freight, and in order to reduce the costs in freight and to increase the bargain power, China’s Rizhao Steel Group has purchased five old vessels and plans to purchase more 10 vessels.

If sea-freight goes on rising again, it will further weaken Chinese steel mills' bargain power with international iron ores suppliers.

Some iron ores traders indicated that the freight would reach US$100/t from Brazil to North of China which was three times of the freight at early of this year.