China has returned to the seaborne billet market on the back of strong domestic demand, to end an absence that lasted around 10 weeks, sources said.

          Chinese buyers have bought at least 200,000 mt of billet from India, Indonesia, Vietnam and the Middle East since Feb. 9, of which about 120,000 mt was concluded over Feb. 18-19 with the other deals done in the last two trading days before the Chinese Lunar New Year break that started Feb.11.

          Deal prices surged to $580-$585/mt CFR China over Feb. 18-19 for 3SP/4SP 150 mm material from Indonesia and Vietnam for March/April shipment, two Chinese traders said, up $25-$30/mt from before the holiday.

          Meanwhile, a 30,000 mt Indian cargo was bought at $565/mt CFR China for 3SP 150 mm on Feb. 18, which was cheaper due to import duty, an eastern Chinese trader said, and up about $20/mt from Feb. 10.

          March and April mark the traditional peak season in China.

          Tangshan Q235 billet was assessed at Yuan 4,220/mt ($647/mt, or $573/mt after value added tax is deducted), up Yuan 260/mt from Feb. 5, according to S&P Global Platts data.

          In Jiangsu province, a hub for billet imports, the spot price jumped to Yuan 4,250-4,300/mt after the holiday, which indicated an import margin of about $3-$5/mt given import prices at $580/mt CFR for Asian origin cargo.

          With the price of imports having surged, leading to slim margins, traders will likely take a pause, said a second eastern Chinese trader.

          Platts assessed China import billet for 3SP 150 was assessed at $574/mt CFR China on Feb. 19, up $33/mt from Feb. 8.