17.11.2008 - Commodity trade contracts feel the crunch
From Moneycontrol.com: It isn t often that a simple switch of letters from USA to UAE can lead to a loss of over Rs 6 crore. But commodity traders in India are only too aware of how the global credit crunch is changing the rules of the game. Suppliers and buyers are using any opportunity to renegotiate their contractual obligations, and in some cases, wriggle out of them entirely. Take the instance of Surya Alloys, a Kolkata-based company that was due to receive a 3,000-tonne shipment of ferrous scrap from Dubai-based Goldline Worldwide..... Full Article: Source