“The lack of freight space for containers is a big problem now, and it’s driving up costs and prices for shippers all over the world,” a ferrous scrap seller in Singapore told Fastmarkets on Thursday September 2.
Traders handling containerized scrap were searching forlornly for container vessels, and were increasingly hesitant to offer cargoes to buyers due to their inability to secure vessels to move their material.
The lack of vessels has driven up freight costs by 25% on the United States-Taiwan route, with freight rates up by $10 per tonne in the past week to around $50 per tonne, Taiwanese traders told Fastmarkets.
This has driven up offers for containerized steel scrap HMS 1&2 (80:20 mix), US material, import, cfr main port Taiwan, to $452-455 per tonne cfr Taiwan, from $445-450 per tonne cfr Taiwan on August 27. Buyers have grudgingly paid $445-448 per tonne cfr Taiwan this...