China: Billet import bids drop on falling rebar futures

China’s billet import price indications fell on absence of firm bids and falling rebar futures prices. SteelMint’s assessment for billet import prices currently stands at $660/t CFR against $672-677/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 4,230/t ($661), a significant decline of RMB 279/t ($44), d-o-d.