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...
