Chinese billet exports offers have shown some resistance after Chinese steel futures corrected this week. Billet (Q235 of size 150*150mm) export offers are assessed in the range of USD 415-420/MT FOB China main port against a level of USD 430-435/MT FOB last week.
Market participants highlight that Chinese prices had increased above expectation and was bound to fall. Generally January and February is dull season for construction activities in China due to winters.
However prices were increasing on account of expensive Iron ore and Coking coal. But now both the commodities have begun to fall, prices may soften further in coming weeks.
Chinese Domestic Billet Prices:
Chinese billet prices in domestic market have down by RMB 50/MT (USD 7/MT) to RMB 2960/MT (USD 427/MT) against last day closing on 22 Dec ’16 at RMB 3010/MT (USD 434MT) ex- Tanshang. All prices are 17% VAT included.
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