China returns to steel billet import market amid fresh futures gains

Chinese buyers have followed the rise in the country's ferrous futures markets this week with fresh bookings for imports of steel billet, sources told Fastmarkets on Tuesday July 6.

Tuesday's most-traded October rebar futures contract closed at 5,304 yuan ($820) per tonne on Tuesday, up by 82 yuan per tonne from a day earlier. That followed Monday's most-traded rebar futures contract closing at 5,222 yuan per tonne, which was itself up by 98 yuan per tonne from last Friday.
The rise in ferrous futures was partly spurred by expectations that Chinese steel production would drop in the second half of 2020, and has led to Chinese trading companies taking more bullish positions on the market, sources said.

Indonesia-origin blast furnace (BF) billet of 3sp, 150mm specification was heard sold at $670 per tonne cfr China on...

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