Rebound in Chinese steel market causes billet cargo offers to dry up

A rise in Chinese ferrous prices has reduced the number of billet cargoes offered into Asian markets on Friday May 28.

Comments by the Chinese government made in an attempt to cool commodity prices led to falls in ferrous contracts on the Shanghai Futures Exchange, creating a sharp drop in steel billet import bids in the country. 
Bids for standard 5sp billet were heard at $650-660 per tonne cfr Manila on Thursday and Friday but sell-side sources said these prices were unworkable at the moment.
"Bids at these levels are just opportunistic because buyers know that there have been some people desperate to sell in the market recently," a trading source said.

"But since yesterday, the SHFE futures improved and now sellers...

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