ArcelorMittal said to cancel some European scrap buys

Oct 31, 2008 | 12:02 PM | Jana Marais

ArcelorMittal has cancelled some ferrous scrap orders for October, causing a stir among scrap merchants across Europe, market participants said.

Such cancellations are not uncommon In a market in which scrap prices are falling, American steel mills that use scrap normally cancel any orders that have not been shipped to the mill by the last day of the month.

But sources at the Bureau for International Recycling Conference in Düsseldorf, who reported the cancellations, said they were frustrated that the steelmaker took the actions without giving sellers the opportunity to renegotiate. A spokesman for ArcelorMittal declined comment on what he described as "market rumor". ....

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