CIS STEEL BILLET: Market declines; China customers reduce bids amid falling futures

The price paid to export steel billet from the Commonwealth of Independent States (CIS) fell by Friday May 14 after bids from customers in China declined on pressure from falling rebar futures, sources said.

The most-traded October rebar futures contract closed at 5,641 yuan ($873.95) per tonne on Friday, down by 274 yuan per tonne from a day earlier.
Falling future prices influenced current domestic rebar prices in China, which, in turn, forced customers to decrease bids for imported billet, sources said.

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