Traders dealing in containerized steel scrap are battling expensive freight rates, while holiday banking closures in Pakistan are causing additional concerns in the market.
Container freight rates for scrap have continued to increase in recent months due to factors such as a renewed tightness of containers following bottlenecks at ports, together with shipping lines looking to recoup some of their lost earnings, market participants told Fastmarkets.A second Indian trader who deals in both ferrous and non-ferrous scrap said that he now had to pay around $1,400 per box for a 20ft container of scrap from Europe to South Asia due to congestion charges. That is an increase...