China has resumed importing steel billet amid an open arbitrage window between international and domestic prices despite high levels of steel inventory within the country, sources told Fastmarkets.
An Indonesian steelmaker was heard to have sold 20,000 tonnes of April-shipment 150mm billet produced using a blast furnace at $395 per tonne fob, or about $407-410 per tonne cfr China, based on an estimated freight rate of $12-15 per tonne.The destination of the cargo is likely to be...