The Indian bi-weekly billet (150x150mm, 3SP/4SP) export assessment (FOB east coast India) dropped $17/t, or 2.8%, to $613/t on 20 Aug’21 on falling steel futures in China due to a bearish demand outlook on the back of steel production curbs, SteelMint notes. China’s re-bar futures contract for Jan’22 delivery closed at RMB 5,017/t ($773/t) on 19 Aug, witnessing a significant decline of RMB 127/t ($19/t) on day, while futures prices fell sharply by $72/t on weak steel fundamentals. Bids for imported billets fell sharply on a weekly basis, market sources said.
Leave a Reply