Chinese importers are wary of softer domestic demand for material arriving in January because of reduced construction activity during winter and the upcoming Lunar New Year holiday, a trader in Hangzhou said.
The Lunar New Year holiday is officially observed in China from January 24-30, although many market participants will be away for up to a week before and after this period.
The same Hangzhou-based trader said that poor weather conditions had resulted in delays for vessels unloading cargo at ports in Jiangsu province, a major entry point for imported billet, which dampened buying interest from importers.
The price of billet in Jiangsu province was 3,640-3,690 yuan ($518-525) per tonne on November 29, widening upward by 10 yuan per tonne from a week ago, according to a local billet trader.
Chinese importers had booked 50,000 tonnes of Qatari...