Steel billet buyers across Asia are facing a raft of expensive offers following frenetic buying activity among Chinese customers last week, sources told Fastmarkets on Monday July 19.
Buying prices for steel billet in China climbed throughout last week on expectations that many mills would need to reduce output in the second half of the year, because China's authorities were targeting 2021 steel production at a level below last year's total of 1.07 billion tonnes.By Monday, offers of Indonesian 150mm 3sp BF billet were heard at $720-725 per tonne cfr...