Shipping Companies have imposed congestion charges at scrap import from Dubai to India and Pakistan. Earlier there was no charges of this sort on the imports but now they have imposed charges at USD 150/MT
The imposing of congestion charges has increased the prices to import ferrous scrap from Dubai. The approx. change would be about USD 6/MT CFR India (NhavaSheva). Although, the charges have been imposed on Karachi Port too but that has not affected the prices.
The prices currently are at USD 295/MT levels. No fresh bookings have been done at these prices as because of hike of the prices as well as the uncertainty that was in the market after the govt. of India had issue a notice stating the ICD’s would not be able to import un-shredded scrap.
According to SteelMint Analysis, the demand is expected to stay on the lower side as the buyers are in wait and watch mode after the prices being effected. And it seems that buyers would soon return to the market and resume buying.
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