China looks to billet imports again on open arb window with Middle East

Chinese steelmakers are turning to billet imports again due to the open arbitrage window between the Middle East and domestic Chinese markets.

A producer in Qatar recently sold at least two October-shipment billet cargoes of 40,000-45,000 tonnes each at $400-408 cfr to China. There were also other transactions involving Turkish and Iranian billet heard in the past two weeks, traders told Fastmarkets. The most likely users of imported billet are Chinese re-rolling mills in the east of the country, sources in China said. "Chinese re-rollers will benefit from buying imported cargoes because domestic offers are already at 3,340-3,360 yuan...

Published

Jessica Zong

Lee Ken Kiat

September 19, 2019

09:41 GMT

Shanghai, Singapore