China cancellations irk US scrap exporters
Oct 27, 2011 | 06:14 PM
| Michael Marley
PHILADELPHIA Chinas steelmakers arent just burning small U.S. ferrous scrap exporters when they cancel orderssome domestic bulk cargo shippers are also steaming over recent sales cancellations that occurred after their ships have left the docks.
Industry sources said at least two major West Coast scrap exporters have seen Chinese steelmakers refuse to open letters of credit, which has forced the exporters to seek homes elsewhere in the Far East for their scrap.
One trader said he had booked orders for six shipments of ferrous scrap with one steel mill and that the mill had paid for the first five. Last week, however, the mill canceled the agreement to purchase the sixth shipment by refusing to open the letter of credit.....
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