It has been reported that 200,000 tons of HRC cargo belonging to Gaungxi Shenglong has been seized by Chinese customs due to customs duties. Following the incident, many shipments were canceled, and some ship cancellations were reported, particularly on the Vietnam route.
It is said that the main market for the cargo in question is Vietnam. It has been reported that the Chinese government has tightened its investigations into VAT in recent months. In particular, in the steel industry, it has been observed that the state has significantly increased its inspections as a result of small traders making VAT-free sales or issuing fake invoices. These investigations have caused some companies to experience shipping difficulties at customs. No official statement or announcement has been made regarding the difficulties experienced.
In addition, there are rumors that a billet ship from China to Türkiye has been stopped.
The market is expected to take more cautious steps in the short term.
Market experts anticipate that such sudden cancellations or cargo blockages may become more frequent in the coming period, particularly in September. The Chinese government is investigating off-document sales by traders, particularly in the film and HRC markets. This investigation could lead to price volatility in the domestic market.
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