Reductions to shipping and port fees comprise the latest weapon for Chinese steel exporters amid their country's efforts to cushion the effects of the 2019-nCoV coronavirus outbreak.
China has halved the oil pollution compensation fees and canceled port construction charges for all vessels entering or leaving the country, in a move to soothe the economy further, the state council announced on Monday March 16.
These measures have been in effect since March 1 and will last until June 30, according to notices issued by the ministry of transport and the ministry of finance.
Shippers which qualify for these measures and have paid the fees in full can apply for reimbursement from the maritime administration, the documents said.
Cheaper shipping
Shipping costs for both exporters and importers will go down because of these policies, especially with crude oil prices tumbling in the current economic climate, and this will be beneficial for traders, a Beijing-based steel trader said.
Freight costs for shipping hot-rolled coil from China to the key market of Vietnam have dipped to $10-11 per tonne, down...