CIS STEEL BILLET: Prices surge to 10-year high on China price moves

Prices for steel billet exports from the Commonwealth of Independent States have jumped to a 10-year high following rises in the Chinese billet and rebar markets over the week to Tuesday May 11.

China's domestic rebar prices surged on May 10 and set the new high after the October futures contract on the Shanghai Futures Exchange hit the daily limit within 10 minutes of the start of trading.
The price for steel reinforcing bar (rebar), domestic, ex-whs Eastern China, was assessed at 6,000-6,030 yuan ($935-939) per tonne on Tuesday, up by 580 yuan ($90) per tonne since Friday.
And the assessment for steel billet domestic, exw Tangshan, Northern China, was 5,670 yuan per tonne on Tuesday, up by 480 yuan per tonne from Friday.

In such conditions, bids from Chinese customers for imported billet rose to $760-770 per tonne cfr on Monday....

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