China continues steel billet buying at higher prices amid output cut news

September 08, 2021 / www.metalbulletin.com / Article Link

Steel billet buyers in China have continued to make import purchases in recent days amid expectations that further domestic production cuts will be imposed at the start of next year, sources told Fastmarkets on Tuesday September 7.

Major Chinese market participants received word on Monday that steel production cuts in the nation would be extended beyond December into early 2022. This led to a plunge in iron ore prices but bolstered demand for billet, which can be used instead of melting new steel.
Several deals for Indonesian 3sp 150mm blast furnace (BF) billet were closed in the range of $695-705 per tonne cfr China in recent days, Chinese buyer sources said, while deals for Vietnam-origin 3sp billet were done at $700-705 per tonne cfr China.
This was up from deals at $685 per tonne cfr China for Indonesian BF billet one week earlier.

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