Chinese billet prices in domestic market have upsurged by RMB 50/MT (USD 7/MT) to RMB 2850/MT (USD 414/MT) against last day closing on 1 Dec ’16 at RMB 2800/MT (USD 407/MT) ex- Tanshang. All prices are 17% VAT included.
Chinese prices are rising on account of expensive iron ore and coking coal. Market participants are apprehensive over rising steel prices. Most of the traders feel that prices are short lived and may down after December.
Rise in domestic prices have made manufacturers raise their export offers as well. Current offers for billet Q275 from China are assessed at USD 400-410/MT, FoB China Main Port.
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