China may continue to import billets at higher levels

摘要

China was an active billets importer this week. The sentiment is expected to strengthen, heating the suppliers’ bullish moods. Meanwhile, SE Asian countries have not shown much buying interest. This week, at least 50,000 t of ASEAN semis was sold at $630?631/t CFR China for May shipment, up by $9?12/t week-on-week. On Thursday, rebar futures surged by RMB 68/t ($10/t) over a day, while domestic prices for billets in Tangshan increased by RMB 20/t ($3/t). “I believe China may go higher by up to $10/t in deals for ASEAN billets soon,” a Chinese trader opined.