A steep drop in China’s future markets - and subsequently rebar prices
- led to several billet producing mills going to the market to offer cargo on Tuesday and Wednesday, market participants said.
Blast furnace (BF) billet from Vietnam of 5sp grade was heard offered at $615 per tonne cfr Philippines on Tuesday, but a trading company was heard offering such material as low as $610 per tonne cfr on Wednesday.
Malaysia-origin electric-arc furnace (EAF) billet was heard offered at $610 per tonne cfr Philippines on Tuesday, with a bid heard at $605 per tonne cfr while BF billet from Far East Russian ports was offered at $610-620 per tonne cfr Philippines this week, sources said.
One Philippines-based mill was said to be willing to bid at $595 per...