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