Downturn slows scrap payments to UK

Aug 18, 2011 | 04:43 PM | Barbara O'Donovan

Tags  Asia, scrap traders, payment

LONDON — Asian payments to British scrap traders have slowed over the past two weeks.

"There is certainly a problem with credit coming out of (East Asia)," one U.K.-based scrap trader told AMM sister publication Metal Bulletin. "Payments have slowed dramatically from there."

Base metal prices on the London Metal Exchange fell after worries over the U.S. economy hit the equity markets, dampening sentiment, and were further shaken by the subsequent U.S. credit rating downgrade and concerns over Italian and French debt.....

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