While the recent announcements of production cut in China have badly hurt iron ore prices in the country
, demand for billet has strengthened over the past week with buyers viewing the material as a ready replacement in their steelmaking processes.
Deals were heard closed in recent days for United Arab Emirates-origin 3sp billet at $716 per tonne cfr China for mid-December shipment, and for India-origin blast furnace (BF) billet at $720 per tonne cfr, sources said. These followed deals for around 400,000 tonnes of imported material agreed last week
But a Chinese buyer source said that workable prices for imports into the country fell to $705-710 per tonne cfr China on Tuesday when the most-traded January rebar futures contract on the Shanghai Futures Exchange (SHFE) fell by 150 yuan ($23) per tonne day on day.
Fastmarkets’ price assessment for steel billet, domestic, exw Tangshan, Northern...