Today, billet offers in Chinese domestic market hit one and a half month low level of RMB 1,970/MT (USD 303/MT), which were last seen on 25 Mar’16.
In last 10 days, prices have plunged by RMB 520/MT (USD 80/MT) that’s from RMB 2,490/MT (USD 383/MT) as on 29 Apr’16 to RMB 1,970/MT (USD 303/MT) today in last trade closing.
On 8 May’16, the Chinese market was closed at RMB 2,120/MT (USD 326/MT); today it corrected by RMB 150/MT (USD 23/MT) just in a day.
Chinese exports offers fall
Billet export offers from China fell sharply in-line with domestic offers. Market participants are expecting offers to be in the range of USD 330-340/MT, FoB China. However, no firm trades have been heard at this level.
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