Deluge of steel billet cargoes offered to Southeast Asia amid China crash

Large volumes of steel billet position cargoes held by traders have been offered at lower prices to buyers in Southeast Asia in recent days amid China's continued price decline, sources told Fastmarkets.

Closures at Chinese rerolling mills amid power rationing and environmental measures, together with spiraling ferrous futures markets, have badly damaged steel billet demand in the country this week, prompting a crash in both local and import prices.
"The billet import market is dead and position cargoes are attempted to being moved to other destinations by traders," a Chinese trading source said.
"Traders are offering cargoes to whichever market they can get a sale in now. There might be millions of tonnes of position cargoes out there," a South Asian trading source said.

A European trading source said he was "getting calls...

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