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
Fastmarkets will amend the specifications of its existing price assessments for Europe/US lithium spot battery-grade and technical-grade lithium hydroxide and carbonate to remove the US footprint, and will launch weekly price assessments for spot battery-grade and technical-grade lithium hydroxide and carbonate for the United States and Canada on Thursday April 4.
This initiative marks a significant step towards reducing industrial greenhouse gas emissions and championing the US in the global decarbonization effort
The most recent financial results published by base metals mining companies highlight just how inflation is affecting profit margins, with increasing wages, financing costs and input prices all hitting profits, sources told Fastmarkets in the week to Thursday March 28
Century Aluminum is among those selected to start award negotiations for up to $500 million in Bipartisan Infrastructure Law and Inflation Reduction Act funding to build a new aluminium smelter, the company said on Monday March 25
Fastmarkets launched its first price assessment for MB-FEC-0024 Ferro-chrome 50% Cr, delivered Europe, $/lb Cr on Tuesday March 26.
Fastmarkets has amended the publication date of the latest European charge and high-carbon ferro-chrome benchmark to reflect the date from which the benchmark applies after the price was erroneously published on the date it was announced (March 25).