Offers for steel billet in Asia balloon following aggressive Chinese buying

July 20, 2021 / www.metalbulletin.com / Article Link

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.
Chinese buyers bought several cargoes of 150mm 3sp blast furnace (BF) billet last week. This included paying $703-705 per tonne cfr China for Indian material, $705-707 per tonne cfr from material from Vietnam and $710-713 per tonne cfr for billet from Indonesia.

By Monday, offers of Indonesian 150mm 3sp BF billet were heard at $720-725 per tonne cfr...

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