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South China Morning Post
6 minutes ago
- South China Morning Post
China launches anti-dumping investigation into Canadian pea starch imports
China has launched an anti-dumping investigation into pea starch imported from Canada, marking Beijing's latest retaliatory measure against Canada's tariffs targeting Chinese steel. The probe was initiated at the request of domestic industry insiders, with preliminary evidence showing a significant increase in dumped Canadian pea starch in recent years, according to the Ministry of Commerce. 'With import prices below domestic products, it has been causing losses and difficulties for China's industry,' the ministry said on its website on Tuesday. 'The anti-dumping probe complies with WTO rules to protect domestic industries and differs fundamentally from Canada's recent WTO-violating discriminatory actions against China.' In the 2023-24 agricultural season, Canada was China's second-largest pea exporter, accounting for 44.6 per cent of China's total pea imports, following Russia's 49.1 per cent, the Russian Union of Grain Exporters and Producers said last month. Pea starch is mainly used in the food industry as a stabiliser that adds consistency and improves mouthfeel. Also on Tuesday, China's commerce authorities said the ministry would begin collecting 'deposits' from companies importing Canadian canola oil and halogenated butyl rubber - the latter mainly used for pharmaceutical stoppers and the inner lining of tyres - after anti-dumping investigations into the products were launched in September. Both measures are set to take effect on Thursday.
South China Morning Post
37 minutes ago
- South China Morning Post
Despite US-China tariff truce, the turning tide keeps reshaping shipping routes
Even after securing another 90-day tariff truce with the US, China's trade-diversification efforts are expected to continue reshaping shipping routes for the rest of the year, as transpacific routes remain under pressure following an initial front-loading phase. 'Despite ongoing negotiations between the two countries, we believe it is unlikely that tariffs will be completely eliminated, which will continue to weigh on US import volumes,' said Jarl Milford, a maritime analyst at Veson Nautical. 'We expect a full-year decline in volumes on this trade lane, which will apply further pressure on freight rates,' he told the Post. The Shanghai Containerised Freight Index, which is updated every Friday and tracks spot freight rates for containerised cargo, specifically from Shanghai to major global destinations, has declined for nine consecutive weeks. The latest rates from Shanghai to the US west coast and east coast have fallen by more than half from their peak in early June, when exporters rushed to front-load their products after the initial three-month tariff pause began. Danish shipping giant Maersk also mentioned the significant impact on its container-liner services in its second-quarter earnings report, noting that its China-US box volumes during the April-June period declined by around 35 per cent, year on year. However, it pointed out that the contraction in North American imports was more than offset by the strong import growth into Europe, Latin America, Africa, western Asia and Central Asia.
South China Morning Post
37 minutes ago
- South China Morning Post
Alibaba tops Meituan's China on-demand delivery, fuelled by 1 million cups of tea daily
Orders on Alibaba's instant commerce channel Taobao Shangou topped 100 million on Thursday, 20 million fewer than Meituan. After Meituan stopped its promotion on Friday and Saturday, Taobao's orders overtook Meituan's, LatePost said on Tuesday without citing the source of its information. Alibaba, which owns the South China Morning Post, did not respond to requests for comment. Meituan did not respond either. The data showed that subsidies worked in China's ultra-competitive market. The industry was shifting from Meituan's 'near-monopoly to near-duopoly' with Alibaba's emergence, as the challenger lavished generous subsidies on customers, delivery riders and merchants to gain market share, Morgan Stanley said. The two companies are likely to have equal shares of China's on-demand delivery market by 2030, the bank said. Delivery riders on the streets of Shanghai on November 29, 2023. Photo: Shutterstock In food delivery, Meituan is set to dominate the market with a 75 per cent share in terms of gross transaction value by 2030, but its share in the entire instant commerce industry may fall to 48 per cent, almost the same as the 47 per cent share taken by Alibaba, according to Morgan Stanley's estimates.
