Beijing custom department announced a change in inspection regime for the Australian iron ore, which would allow China’s custom to inspect iron ore at the request of the trader or importer, effective from 1 July 2020.
- while Chinese media is flagging the possibility of a trade spat between both nations, the local mining community and the federal government is denying that there could be a serious threat to the iron ore industry from the newly suggested inspection regime.
- Chinese authorities cited that the new system, which would now replace the old regime of custom officers conducting a mandatory on-site inspection for every batch of iron ore, is designed to fast track the customs clearance; the Australian miners suggest that the new inspection regime would streamline shipments and is a positive development.
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