US Dollar Exchange Rates of
10th
July
2020
China Yuan 7.0018
Report from China
Intelligent manufacturing adds vitality to furniture industry
China's first Furniture Intelligent Manufacturing
Innovation Center has been set up in Longhui Town,
Nankang and it aims to become a national base for
intelligent manufacturing. The facility applies 5G,
blockchain, robotics and augmented reality to production
processes for rubberwood furniture.
The application of robotic production and intelligent
manufacturing furniture has lowered production costs for
some items by as much as 60%.
See:
https://news.dayoo.com/china/202006/30/139997_53412360.htm
and
https://www.sohu.com/a/397131621_120592909
Container freight costs rise
The early July Drewry composite World Container Index
fell slightly after reaching a 5-year high of US$2,023 per
40ft container. This, say analysts, reflected that container
ship capacity is still an issue.
The ocean shipping prices Shanghai to Los Angeles and
Shanghai to New York recently jumped around 20% to
US$2,650 and US$3,207 respectively per 40-foot
container.
Prices, however, eased into the second half of July but
still the average ocean freight price Shanghai to Los
Angeles in July this year was almost twice that at the same
time last year. If freight rates remain high this will impact
the timber trade.
Chengen Plywood secure relief from tariffs
Plywood is a major export product for Linyi, Shandong
Province accounting for around 40% of export earnings.
The US Department of Commerce conducted antidumping
and countervailing subsidies investigation into
Chinese hardwood plywood produced by Linyi Chengen
Import and Export Co., a member of Linyi Wood Industry
Association.
In the final determination of anti-dumping the US applied
a high tax rate. Linyi Chengen filed an appeal with the
United States International Trade Court in January 2018
and secured a reversal as in June this year the US
Department of Commerce made a final determination for
Linyi Chengen of a zero tariff rate. The level of some
other taxes was also reduced.
Export of biopolymer modified rubberwood
Baoxiang Forest Products Group under the Hainan Natural
Rubber Industry Group has negotiated with Japanese
customers for a shipment of biopolymer modified
rubberwood for outdoor construction.
See:
http://money.hinews.cn/view11.php?xuh=207059
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