SOURCE / ECONOMY
Move aimed at curbing soaring iron ore prices: analysts
By Yin Yeping Published: Apr 28, 2021 10:58 PM
Iron ore. Photo:VCG
China announced on Wednesday that it would scrap tariffs on certain steel products and raw materials starting on May 1, in a bid to curb iron ore consumption amid skyrocketing prices that have hurt domestic businesses, while benefiting foreign suppliers such as Australia.
The Tariff Commission of the State Council also made a series of adjustments to tariffs on other raw materials and products related to the steel industry. Meanwhile, exports tariffs are hiked for certain iron products.
The adjustments are conducive to reducing import costs, expanding the imports of steel resources, and supporting the reduction of domestic crude steel output, according to the Xinhua News Agency.
Chinese pharma firms mull bypassing India in global supply chain amid raging virus wave
Chu Daye and Yin Yeping Published: Apr 27, 2021 08:53 PM
Photo taken on July 16, 2020 shows a COVID-19 care center at the commonwealth games village in New Delhi, India. (Photo by Partha Sarkar/Xinhua
Some Chinese executives with business ties to India are pondering efforts to cut their reliance on Indian companies by bypassing or replacing them in the global supply chain, after warnings of potential disruptions to various global industries from an economy-crippling pandemic peak in the South Asian country.
Although India s top exports to China are minerals, the country also exports large volumes of chemicals, textiles and electro-mechanical products to China, as some companies form a cross-border supply chain for certain goods.
SOURCE / ECONOMY
By Yin Yeping Published: Apr 27, 2021 09:28 PM
Cranes load iron ore at a port in Nantong, East China s Jiangsu Province. File photo: VCG
The Chinese government is paying close attention to soaring iron ore prices and is studying measures to expand supplies to curb prices, a Chinese steel industry insider said on Tuesday, in a move that could affect Australia s massive iron ore exports. We believe that the supply side is highly concentrated and the market mechanism is not working, so we call for the authorities to play a bigger role in the event of market failure, Luo Tiejun, vice president of the China Iron and Steel Association (CISA), said at an industry conference.
Australian fruits face delays at Chinese ports due to strict anti-virus inspections: sources globaltimes.cn - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from globaltimes.cn Daily Mail and Mail on Sunday newspapers.
SOURCE / ECONOMY By Yin Yeping Published: Feb 28, 2021 10:48 PM
A dose of COVID19 vaccine BNT162b2 is given to a man. Photo: Courtesy of BioNTech
Despite the US government s attempt to get rid of the Chinese supply chain, Chinese syringe and needle suppliers are dealing with a production expansion after orders continue to increase worldwide, with the US setting the trend. Several large producers have seen their orders pile up for months as the Biden administration ramps up its efforts for COVID-19 vaccinations.
This comes as a US official admitted in a rare move in a recent Congressional hearing that 80 percent of the needles and syringes in use in the US originated from China.