Turkey’s Kardemir faces steel billet order cancellations

In Turkish steel producer Kardemir's steel billet sales at $570/mt ex-works, which the company opened yesterday morning, June 13, total orders of 27,600 mt had been received by the afternoon of the same day. However, for unspecified reasons, orders totaling 20,500 mt have since been canceled.
 
Following this cancellation, total steel billet orders received by Kardemir up to the present have dropped to 7,100 mt, while sales are still open. Expectations for further price decreases in the steel market and the feeling of buyers that the price level of $570/mt ex-works is on the high side may have led to these order cancellations.