Chinese buyers plan return to steel billet import market amid firmer sentiment

A rebound in Chinese ferrous futures prices on Wednesday August 4 has led to increased interest in booking seaborne steel billet cargoes in China, sources told Fastmarkets.

Sharp drops in ferrous futures on both Monday and Tuesday sapped sentiment from the Chinese market, with buyer indications heard as low as $660 per tonne cfr China for 3sp billet on Tuesday.
This was down sharply from the latest deal last week at $720-730 per tonne cfr China.

But bids for billet moved back up to $690-695 per tonne cfr China on Wednesday in tandem with a...

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