Order cancellations in Asia put Brazilian mill in trouble

Order cancellations in Asia put Brazilian mill in trouble

SteelOrbis is reported that sales people of a Brazilian mill have been travelling in Far East in search of alternative destinations for their cancelled orders, originally sold for shipment to China. According to reports; the mill people have spent an enormous effort trying to stop the cancellations by the Chinese customers. Traders comment that the buyers have somewhat avenged the cancellations by the Brazilians about 6-7 weeks ago to renegotiate the sales prices up by almost $100/mt. The first distressed cargo came into the market during second half of March. That was a cargo of 20'000 mt hot rolled coils for May shipment, which was cancelled by the Chinese customer.