News / Carriers drop price hike plans as container rates plunge after Chinese holiday

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Container spot rates from Asia fell sharply this week as the full impact of China’s annual new year factory closures was felt.

This should come as no surprise, however, given the reduced load factors following the holiday, said one analyst today.

The Shanghai Containerized Freight Index (SCFI) saw all its components fall this week, its combined index plunging almost 10% to 772.45.

Spot rates to north Europe declined by 9.7%, to $827 per teu, and rates to Mediterranean ports dropped by 9.5%, to $721 per teu, ...