South Asia: Lack of vessels, rising freight rates hit scrap importers hard

Lack of availability of vessels and rising freight rates are adding to the concerns of South Asian ferrous scrap users, especially major importers Pakistan and Bangladesh, as per Zain Nathani, head of the Nathani Group of Companies and Vice-President of BIR’s Ferrous Division. Prices of steel and ferrous scrap have broken 10-year records as a result of strong demand. Rising shipment charges and hassles due to logistical issues are expected to keep scrap prices stiff in the near term.