Sharp drops in ferrous futures on both Monday and Tuesday
sapped sentiment from the Chinese market, with buyer indications heard as low as $660 per tonne cfr China for 3sp billet on Tuesday.
This was down sharply from the latest deal last week
at $720-730 per tonne cfr China.
But bids for billet moved back up to $690-695 per tonne cfr China on Wednesday in tandem with a...