Chinese Renege on $1 Billion Scrap Steel Deals, Group Says
Chinese scrap-metal buyers have reneged on about $1 billion in contracts from U.S. merchants as the market for the steelmaking raw material collapses, the Institute of Scrap Recycling Industries said.
Steelmakers, foundries and traders, ranging in size from “small to very large” and some with partial state ownership, have canceled contracts, refused delivery of shipments or [...]