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...

Monetary-driven precious metals outperform major base metals

Gold stocks hit by plunging equities markets

Gold stocks down as metal and equities momentum fades

Another Kazatomprom guidance announcement shakes uranium price

Major monetary drivers still supporting gold