Industrial metal importers default on price fall-official

Industrial metal importers default on price fall-official
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First Published: Wed, Nov 26 2008. 12 51 PM IST
Updated: Wed, Nov 26 2008. 12 51 PM IST
Mumbai: “Nearly a third of India’s industrial metal importers have defaulted in taking delivery, while many others have booked huge losses due to a sharp dip in prices worldwide,” a trade body official said.
“Most of the importers are hit severely. Some importers who had taken bigger risks are not able to clear consignments from the ports,” Surendra Mardia, president of Bombay Metal Exchange (BME) said.
“About 30% of them (importers) have already defaulted. New entrants with less credibility and resources form the majority of defaulters,” he said.
“The trade body is in talks with the London Metal Exchange (LME) and private players for setting up warehouses for industrial metals in India and expects LME warehouses to be set up in the country post-2010,” he added.
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First Published: Wed, Nov 26 2008. 12 51 PM IST