Chinese Billet Prices Stabilize on Improved Export Enquiries
Chinese billet prices notice stability after a sharp fall. Domestic prices increased by RMB 60 ($9) in last two days.
Chinese domestic billet prices observed some rebound on Thursday amid improved export enquiries, SteelMint learned from market sources.
Major billet producers cumulatively increased billet prices by RMB 50 ($7) to RMB 3100 ($447), ex-Tangshan, China, including 17% VAT.
Chinese exporters report rising enquiries for wire rods and billets from China at these levels.
"Prices had decreased too sharply in domestic market and exporters have been waiting. If they feel prices have bottomed out, they will start buying. We expect some transactions to resume from next week," said a trader.
source: SteelMint
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