Total global billet imports in 9MCY22 dropped against the CPLY. The volumes were mainly dragged down by China, whose imports fell 51% y-o-y to around 4 mnt from 8 mnt in CPLY. China is not a habitual billets importer. However, an extraordinary situation had been created due to Covid last year because of which the Chinese government had offered fiscal stimulus, especially to the construction sector. This had resulted in extra demand for construction steel and led China to source billets from other geographies.
Leave a Reply