In a note to clients GMS said the dip has ignited a “full-blown panic” in the scrap market and pointed out that end-buyers with ties to Alang are reluctant to seal acquisitions as levels have plummeted by nearly $20.00 per ldt on average.
“While this is expected to be a temporary shock to the system Indian end buyers were left in a state of confusion, reluctant to commit themselves on new tonnage, leaving many cash buyers nervous on recent high-priced commitments,” it said.
GMS
