Major Chinese ports to waive extra storage fees in virus logistics lockdown

Port of Shanghai, the world’s biggest port by container throughput, and other major ports in China will waive the extra storage fees incurred during the logistics lockdown imposed in relation to the novel coronavirus outbreak.

Shanghai International Port Co, the operator of Port of Shanghai, said on February 1 that cargo holders do not have to pay for their use of container storage space from January 24 to February 9, 2020.

The related charges will be deducted from the bill when importers pick up the cargoes from the Shanghai port, which handles 70% of China’s copper imports.

To contain the spread of the coronavirus, the Chinese government has extended the Lunar New Year holiday to February 9 in major cities including Shanghai and blocked transport in several cities in Hubei and Zhejiang provinces.

This means many plants, such as copper fabricators, have not yet resumed operations and are not ready to receive or process raw materials they imported.
As a result, cargoes that were scheduled to be removed after the Spring Festival are still sitting in various Chinese major ports. Before Shanghai International Port issued its announcement, importers feared the extra port charges and demurrage would become a cost burden.

Port of Shandong, Port of Ninbo-Zhoushan, Port of Guangzhou, Port of Tianjin and some other major Chinese ports have also announced similar measures to waive storage fees incurred from mid-January.

What to read next
The consultation, which is open until October 28, 2022, seeks to ensure that our audited methodologies and price specifications continue to reflect the physical markets for alumina, aluminium, cobalt, copper, lithium and manganese ore, in compliance with the International Organization of Securities Commissions (IOSCO) principles for Price Reporting Agencies (PRAs). This includes all elements of our pricing process, our price specifications and publication frequency.
Fastmarkets is inviting feedback from the industry on its pricing methodology and product specifications for non-ferrous materials, as part of its announced annual methodology review process.
Fastmarkets wishes to clarify in this pricing notice its current methodological approach to Russian brands in its metals and mining pricing assessment process after Russia’s unprovoked invasion of Ukraine.
Fastmarkets’ Shanghai-London arbitrage calculations for base metals were published incorrectly on Wednesday September 28 due to a reporter error,
Is the ‘green’ advantage held by steel companies in the US at risk as the market adopts a more rigorous approach to reducing Scope 3 emissions?
Spot demand for aluminium is softening and Rotterdam premiums now, at the end of September 2022, are at a nine-month low, so market participants are considering whether Europe remains an attractive destination for imports
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
Proceed