China: Billet import prices inch down on falling rebar futures

China’s billet import price indications fell on bearish sentiments as rebar futures prices dropped. SteelMint’s assessment for billet import prices currently stands at $705-710/t CFR against $707-712/t CFR last week. As per SteelMint data, rebar futures contract for Jan’22 delivery on the Shanghai Futures Exchange (SHFE) closed today at RMB 5,562/t ($862/t), witnessing a sharp decline of RMB 246/t ($38/t), d-o-d.