China lengthens process for Australian iron ore import permit; supports price, Capesize freight

摘要

Chinese customs would take up to 11 working days to process the import permit of any goods originating from Australia effective immediately, market sources with direct knowledge of the matter said on Aug. 12. The permit, which was administered by a subordinated department of the Ministry of Commerce, used to take around three working days to process electronically. However, a recent incident where a vessel loaded with Australian iron ore failed to apply for the import permit prior to arrival at Rizhao port had resulted in the Ministry of Commerce taking back the authority to review and issue such permits. The new process would take up to 11 working days of turnaround time -- one day for pre-approval by the local port authorities, followed by 10 days of review by Beijing.