CIS billet exporters saw some signs of support from China as the country’s long-steel market opened stronger after the Mid-Autumn Festival ended on September 21.
China’s domestic rebar prices moved up sharply on Wednesday September 22 on market participants’ expectations of supply cuts in the remaining months of 2021.
Fastmarkets’ daily price assessment for steel reinforcing bar (rebar) domestic, ex-whs Eastern China was 5,800-5,840 yuan ($897-903) per tonne on Wednesday September 22, up by 220 yuan per tonne from Friday September 17.
The most-traded January rebar futures contract closed at 5,656 yuan per tonne on Wednesday, up by 178 yuan per tonne on Friday.
In such conditions, Chinese billet importers raised indications of bids for import billet from $705 per tonne cfr, the highest seen late in the previous week, to $705-710 per tonne cfr on Wednesday. This would translate to $605-610 per tonne fob for cargoes originating from the Black Sea basin.
CIS billet suppliers expected China to return after the holidays with an uptick and therefore were keeping their offers within the range of $710-720 per tonne fob Black Sea, despite the fact that other destinations could hardly afford such prices.
The most recent bids for import billet from Turkish customers were heard within the range of $615-620 per tonne cfr, which, depending on the freight cost to different regions of the country, corresponds to around $580 per tonne fob Black Sea.
Customers from Tunisia indicated similar bid levels on a fob basis. A trading source said that a customer from Tunisia was targeting a price of $625 per tonne cfr.
Fastmarkets’ calculation of its daily steel billet index export, fob Black Sea, CIS increased by $3 per tonne day on day, to $603 per tonne on September 22.
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