Container ferrous scrap shippers fight for sales
Jun 26, 2012 | 04:02 PM
| Sean Davidson
NEW YORK U.S. exporters of containerized ferrous scrap are struggling to book significant orders as a strong dollar continues to wreak havoc on East Coast sales and dismal demand plagues West Coast shippers.
East Coast containerized scrap exports to India struggled after the rupee weakened further over the past few days, keeping Indian consumers away from U.S. markets.
A few sales of shredded scrap from Europe to the eastern Indian port of Visakhapatnam (Vizag) at $418 to $420 per tonne c.f.r. has set the price for shredded scrap delivered to western Indias main port, Nhava Sheva, at about $408 per tonne c.f.r., a few sources said.
U.S. shipments to Mumbais Nhava Sheva port are more or less at a standstill, and while eastern Indian ports are booking containers there has been little or no trade with the United States over the past few days, according to several market participants.....
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