There were deals for Vietnamese blast furnace (BF) billet of 3sp quality from two different mills at $580 and $582-583 per tonne fob in recent days for shipment to China, with trading sources on Friday estimating the shipments at the equivalent of $600-603 per tonne cfr China.
Deals of Vietnam BF billet were closed to traders selling onto China earlier in the week at $575-578 per tonne fob.
Indian 3sp BF billet was heard sold to China on Thursday at $550 per tonne fob, which would work out at $585 per tonne cfr China, according to a source with knowledge of the deal. Non Asean-origin billet, such as from India, incurs a 2% import duty to China, meaning that the all-in cost on this transaction would be around $597 per tonne cfr.
Prices were boosted by a spike in bulk freight rates this week amid mounting oil costs and a...