Chinese billet prices slumped on June 21 amid sharply falling physical and futures markets after a meeting on stabilizing iron ore prices was held by the Chinese National Development and Reform Commission in Beijing.

          The October rebar futures contract on the Shanghai Futures Exchange -- which is the most actively traded -- closed at Yuan 4,889/mt ($758/mt), down Yuan 172/mt, or 3.4%, from June 18.

          In the domestic market, billet prices in northern China fell sharply and trading activities shrunk notably.

          Tangshan Q235 billet was assessed at Yuan 4,860/mt ($753/mt), down Yuan 180/mt from June 18.

          China's seaborne billet market was stagnant with few market players in the market offering or inquiring prices, as bid-offer spread increased to $60-$70/mt, up $20/mt.

          S&P Global Platts assessed China-imported 3SP 150 mm spot billet at a midpoint of $650/mt CFR China, down $28/mt from June 18. Buying indications declined along with the weaker spot and forward prices to $630-$640/mt CFR China, down $20-$30/mt.

          The sole offer was received at $700/mt CFR China for Indonesian 3SP 150 mm billet of July shipment, down $10/mt from June 18, a southern Chinese trader said.