China import billet prices largely flat but sellers bullish

Import prices for cargoes of steel billet to China were unchanged on Friday October 8, but a growing sense of bullishness from the sell-side was reflected in offer prices, sources have told Fastmarkets.

Chinese market participants returned from their week-long Golden Week holiday on Friday to higher domestic steel billet prices, with the material traded at 5,310 yuan ($823) per tonne ex works Tangshan, up by 100 yuan per tonne from September 30.
"China has opened on a positive note, as was expected. There are no billet bids around the $720-per-tonne cfr range yet, but the way things are going, $720-725 per tonne cfr may be possible next week," a Singapore-based trader said.

An Indian billet producer said that the local steel market had risen by $30 per tonne at the end of last week, which caused higher offers for both blast furnace (BF) and induction furnace...

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