Asia steel billet buyers halt bookings amid crash in China market

Steel billet buyers in Southeast Asia are sat on the sidelines again amid further declines in the Chinese market, sources told Fastmarkets on Tuesday May 25.

Continued declines in China's steel futures and physical markets this week, underpinned by the Chinese government's aim of cooling commodity prices, has led to radio silence in the China steel billet markets.
Offers for Indonesian 3sp 150mm blast furnace (BF) billet were heard at $720 per tonne cfr China on Tuesday, but there has been no interest from Chinese buyers heard higher than $650-660 per tonne cfr so far this week.
Traders were heard asking for bids from buyers for 5sp steel billet from Far East Russia, with the material offered to Manila at $730 per tonne cfr.

Two sources said they heard a...

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