Zorba suppliers in the United States are pounding the pavement in search of new outlets, with evaporating demand from China creating a supply overhang that is beginning to erode some domestic secondary aluminium scrap prices.
"There's a huge overhang of zorba in the market. The China impact has caught up. There are people getting shipments rejected, so they're cautious. Containers are on hold, rejected or just sitting there," one exporter source said.Rigorous enforcement of carried-waste thresholds by China's local customs and at the port of destination have led to a string of container rejections over the past few weeks, which has sent some exporters scrambling to find new outlets for material both at home and abroad. "We don't want to sell to China and we have had no interest from our Chinese buyers. They have enough metal en route or already in port that most of them are waiting until they clear out the congestion," a second exporter said.With finding new buyers for zorba proving to be a challenge, volumes are piling...