It is reported that global scrap metal prices that had recently soared to crime breaking heights have now hit rock bottom, thanks to a faltering economy.

Mr Jonathon Ross spokesman for metal dealer John Ross & Sons Limited said that "We are dealing with a situation that we have not seen in some of these areas. It just puts tremendous pressure on the entire industry. We are in a situation right now where our mills have stopped buying for the rest of the year."

Although Ross is reluctant to discuss specific prices for any metal, because of their daily fluctuations, he said prices that had reached more than USD 300 a tonne over the summer have dropped to between USD 100 and USD 150 per tonne in recent weeks, a factor that has created a log jam in the industry.

He added that "It just depends on the day. There is no way you can quote specifics in the newspaper. The markets have plummeted."

The result is that cargo is being left at ports around the world and buyers are either walking away from contracts or are left scrambling to re negotiate new deals.