Further slides in the Shanghai Containerized Freight Index (SCFI) are continuing, and it is expected that by mid December, freight levels will be at pre-pandemic levels. Last 18 November SCFI stood at 1,307 points, plunging 74% from an all-time high of 5,110 points on 7 January, and bringing the index near the 1,000 points seen in January 2020, just before the Covid-19 crisis erupted.
Sea freight cost between Santos, Brazil and Shanghai, China have risen 400% in two years. The hike was one of the main consequences of the covid-19 pandemic on Brazilian logistics, according to a study by a task force of the National Waterway Transportation Agency (Antaq) released last week
As Chinese authorities are beginning to announce a gradual easing of the harsh measures imposed as per the country's zero-COVID policy, one episode in Beijing has resulted in additional restrictions, it was reported.
China's central bank announced last Friday a flat reduction of 25 basis points of in banks' reserve requirements, as part of the anticipated pro-growth measures to stimulate the world´s second-largest economy. The slowing down of domestic consumption in the first half of the year, flared by the outbreaks in Shanghai, are expected to be stronger in the second half.
As a part of its zero-tolerance for covid-19 cases, the Government of China has been separating children from their parents to handle the recent outbreak in Shanghai.
Chinese authorities have decided to shut down Disneyland and Disneytown temporarily In Shanghai between Monday and Tuesday out of COVID-19 concerns, it was announced.
The Chinese city of Shanghai has said that all imports of what it qualified as “high risk” frozen foods should be tested for coronavirus and have packaging disinfected before being stored or sold locally.
Shanghai copper hit its highest in nearly 25 months on Monday, while London copper scaled a 24-month high, on supply worries from top producer Chile due to a potential strike at a mine.
Investors erased US$ 393 billion from China’s benchmark stock index on Monday, sold the Yuan and dumped commodities as fears about the spreading coronavirus and its economic impact drove selling on the first day of trade in China since the Lunar New Year.
Cruise line operators have canceled cruises to China after the outbreak of the coronavirus in China. The new virus that first appeared in the Chinese city of Wuhan in December has so far killed over 100 people and infected approximately 6,000 others.