JNPT to halt scrap imports temporarily
According to recent news in the market, authorities of Jawaharlal Nehru Port (JNPT) in
India have recently determined to halt import of heavy metal
scrap (HMS) at the port to decongest two container terminals.
In line with the decision of the authorities, imports of
scrap will be halted for 60 days as of September 15, 2004.
The congestion at the port has grown out from the speculations in domestic HMS market regarding a possible increase in the price of the subject raw material.
Domestic HMS traders have been given September 15 as a deadline to complete their existing import deals, the sources reported.