Import billet activity into China ground to a halt in recent days amid falling finished steel prices in the country, while buying in the Philippines also trailed off by the end of the week, sources told Fastmarkets.
The past seven days have been something of a role-reversal in the steel billet markets, with Philippine buyers being willing to pay above importers in China - the opposite pattern to that seen previously this year.This is down from offers at $760 per tonne cfr China on Tuesday and from sales at $800 per tonne...