China has been actively importing semi-finished steel (billet and pig iron) following an increase in construction activities post-COVID-19. So far this week, the country was reported to book billets from CIS and Vietnam. The import deal details as received to SteelMint from its sources are as below-
— 40,000 MT billet deal was heard to have got concluded from CIS at around USD 365/MT, CFR China.
— Also prior to this, 30,000 MT billet deal was reported from Vietnam at USD 381/MT, CFR China.
It is worth noting that, there is no import duty for Vietnamese material in China, and that’s why the country booked Vietnam origin billets at a higher price, SteelMint learned from market sources.
Meanwhile, billet export offers from Iran also witnessed a sharp drop this week and are noted to be between USD 320-330/MT, FoB Iran. However, bids are at USD 315/MT, FoB Iran. According to SteelMint analysis, China could soon start sourcing billets from Iran as well.
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