In October this year, China’s import volumes of semi-finished steel amounted to 170,000 mt, much lower compared to the 370,000 mt shipped to the country in September, but still indicating 518.7 percent growth year on year, according to the monthly import and export data issued by the Chinese customs authorities.
In the January-October period of the current year, China’s import volumes of semi-finished steel reached 1.55 million mt, up 67.3 percent year on year.
In early November, due to the increases seen in international billet prices, import purchases slackened, though a few cargoes of billet from Southeast Asia and the Middle East totaling about 150,000 mt have been bought in the second half of the month. The latest deal price was $420/mt CFR for ex-Qatar billet last week. CIS-based suppliers are aiming to sell some billet and slab volumes for January shipment to China in the coming one to two weeks at higher prices, sources said.
Chinese buyers have been paying close attention to the market, waiting for good prices, with their latest bids at $415/mt CFR, as an international trader told SteelOrbis. However, overseas suppliers are unwilling to sell at lower prices, while prefer to wait for better prices against the backdrop of the rising price trend seen in the Chinese steel market.