Prices in the global billet markets started to slip in the week ended Friday March 23 amid growing negative sentiment caused by expectations of change after the introduction of protective tariffs against imported steel in the United States following the investigation under Section 232.
Additionally, US President Donald Trump unveiled plans for fresh trade sanctions against China on Thursday, which will include restrictions on investment and tariffs on some $60 billion-worth of China-origin products.China reciprocated on Friday by outlining plans to introduce tariffs on US imports including steel and aluminium products.Rebar futures in the country plunged against this background, which in turn pushed down spot prices.ChinaDomestic billet prices in the country's Tangshan region reached 3,510 yuan ($555) per tonne ex-works on March 23, a decline of 80 yuan per tonne from the previous week.The inventory for the product in the region was 960,000 tonnes on the same day, up by 20,000 tonnes from a week before, according to a local trader.Southeast AsiaChinese export billet offers were heard mainly at $530-540 per tonne fob for customers in Southeast Asia.Iran-origin billet was available at...