China's Ministry of Finance said on April 28 that there will be no taxes for semi-finished steel, such as billet, causing buyers in Asia to rush to procure cargoes in anticipation of shortages in the spot market if China starts purchasing more quantities.
This has caused prices in Asia to spike week on week
Fastmarkets' assessment for steel billet, import, cfr Manila
was at $685 per tonne cfr on Friday April 30, up by $30-35 per tonne from $650-655 per tonne a week earlier.
The assessment for steel billet, import, cfr China was at $670-685 per tonne, up by $23-25 per tonne from...