Bullish long steel markets allow China to raise billet import prices

Chinese buyers resumed imports of steel billet over the past week, underpinned by strong long steel demand in the domestic market, sources said on Friday April 23.

Chinese exporters raised their long steel offers over the past fortnight amid worries that the country's export rebate of 13% on such materials will be removed, with prices jumping to hit the highest levels since October 2008.
The strong downstream prices, added to soaring futures markets for rebar this week, balanced out more negative sentiment surrounding orders for some Tangshan rerollers to cut production and led to some Chinese trading companies taking long positions to book steel billet imports this week.
Fastmarkets' price assessment for steel billet, import, cfr China was $647-660 per tonne on Friday April 23, up from $645-655 per tonne last week.

A deal for 150mm 3sp blast furnace (BF) steel billet from Indonesia was heard concluded at $660...

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