China's largest salt producer, the National Salt Industry Group, has urged the public not to engage in panic buying after Japan began discharging treated radioactive water from the Fukushima nuclear plant into the Pacific Ocean. Despite China's opposition to Japan's action, which has led to a ban on the import of all aquatic products from Japan, some parts of China have experienced a rush to stock up on salt. The National Salt Industry Group assured the public that their salt supply is ample and that the stock shortfall would be temporary, emphasizing that sea salt only accounts for 10% of the salt consumed in China and that the rest is safe from contamination.
India's decision to severely curtail rice exports has triggered panic-buying among the Indian diaspora in the United States, with some rushing to supermarkets to stock up on bags of rice. The export bans on non-Basmati white rice varieties were imposed to ensure adequate availability and control rising prices in the domestic market. While the supply of imported rice from India in the US may not be an immediate problem, a long-term ban could deplete stocks. Indian expats may have to adapt by purchasing rice grown in the US or imported from other countries.
Labor issues have caused some shipping ports on the West Coast to close, leading to rumors of shipping delays and panic buying in Hawaii. While some shipments have been delayed, officials say there is no need to panic at this time. However, neighbor islands may be most impacted by shipment delays, especially for fresh products which might cost much more to fly in, instead of by ship.
Morgan Stanley equity strategists believe that the ongoing rally in the S&P 500 is a head fake and that the market is overvalued. They presented technical and fundamental evidence to support their argument that the S&P 500 will fail to break out of the 2023 range between 3800 and 4200. They also noted signs of panic buying and argued that this rally will prove to be a false breakout, similar to last summer's.
Severe weather and panic buying have led to a gas shortage in South Florida, with over 55% of gas stations in Miami/Fort Lauderdale and over 34% of gas stations in West Palm Beach without fuel. The shortage in Port Everglades, where only nine of 12 gas terminals were working as of Thursday morning, is causing strain on the Fort Lauderdale region. Additional gas reserves are being sent to address the issue, and the American Automobile Association estimates that it will take about a week for the issue to clear up.
Widespread panic buying due to fears of gas shortages caused many gas stations in South Florida to close, exacerbating the effects of historic rainfall and severe flooding in the area.
