Chinese billet prices rose slightly July 31 on a fresh deal for Vietnamese cargo, and as sellers withdrew low-priced offers amid rising Chinese market.
S&P Global Platts assessed the China 5SP 150 mm square bar spot price at a midpoint of $422/mt FOB China, up $1/mt on the day.
In China, spot Chinese domestic prices increased amid stronger rebar futures market. Low-end offers at around $425/mt CFR China for imported billet in China disappeared and sellers raised offers at $430/mt CFR.
A fresh deal of 20,000 mt Vietnamese billet was concluded at $422/mt CFR July 29, said an eastern China trader. "I bought this parcel amid stronger futures prices on that day." This was equivalent to $414/mt CFR China, as Vietnamese cargo enjoys zero import duty and $419/mt after quality normalization.
"Offers from Vietnam, India and Indonesia to China are all at $430/mt CFR China or above," said a Singapore-based trader, while buying indication for Indian cargo was steady at $412-$415/mt CFR.
Chinese buyers showed lower appetite for new cargo with rising overseas prices. said a Shanghai-based trader.
The most actively traded rebar futures contract on the Shanghai Futures Exchange, October, closed at Yuan 3,777/mt ($541/mt), up Yuan 10/mt day on day.
The Tangshan Q235 billet price was assessed at Yuan 3,480/mt ($499/mt), up Yuan 10/mt day on day.
-- Analyst Joy Zhuo, Analyst Chelsea Ye
Source : Steel Business Briefing
