Container lines cancel some scrap shipments on rising Asian rates

Some container shipping lines are refusing to give rates for December shipments of scrap metal into South Asia and are even cancelling some existing orders, sources told Fastmarkets on Friday November 6.

Four steel scrap traders that speak to Fastmarkets said they have either been unable to get December shipment quotations from their freight forwarders or are aware of others facing a similar situation.
“The serious problem we’re facing is shipping. Container shipping rates are being held back, which makes it very difficult to offer scrap for December shipment,” a Taiwanese trader told Fastmarkets.

“The situation has been getting really ugly here in Japan over the last week. We’re looking at very high freight fixture prices and it’s driving us nuts,” a Japanese scrap supplier said, adding that lines are cancelling their existing contracts if...

Published

Lee Allen

November 06, 2020

17:02 GMT

Singapore