India importers reject cargo, kicking off payment crisis
Oct 27, 2008 | 11:25 AM
| Gilbert Lobo
Indian scrap importers' failure to accept shipments due to dramatically declining product prices is causing an "unprecedented" crisis in the industry, according to trade sources.
No one is willing to take shredded scrap at $270 per tonne delivered to India's ports, down from around $350 in recent weeks and $750 just a few months ago. The same is true of nonferrous scrap product, the sources added.....
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