Following the declines in Chinese domestic
billet prices and the sharp falls recorded in iron ore quotations in the last two days, Chinese
billet suppliers, who returned to the market yesterday, May 3, after the Labor Day holiday during the weekend and on Monday, have reduced their export offers by $10/mt on the lower end and by $15/mt on the upper end to $370-375/mt FOB. Chinese
billet offers to the export markets have thus declined for the first time since they started to move upwards in the middle of March. Chinese
billet export prices increased by 35 percent from mid-March up to the beginning of the current week.