Traders divert more steel billet cargoes from China; prices drop

October 30, 2021 / www.metalbulletin.com / Article Link

Import steel billet prices into China fell again toward the end of the week, hampered by continued power shortages and efforts by traders to re-route cargoes sold to that country.

Chinese trading companies have tried to divert their position billet cargoes into Southeast Asian markets during the week, a behavior that started with panic over falling prices setting in the prior week. Most of these cargoes are for November shipment and of 3sp, 150mm specification.
Some of these cargoes are ready for shipment at loading ports, while others are on the water to China or have arrived at Chinese ports, sources told Fastmarkets.

A deal for diverted 3sp Vietnam-origin blast furnace (BF) billet sold by a Chinese trading company was heard at $671 per tonne cfr Taiwan during the week, following deals for Vietnamese 5sp BF billet at $690 per tonne cfr Indonesia and for Vietnam 3sp induction furnace billet at $675 per tonne...

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