Today, May 12, Chinese
billet offers to the export markets have increased by $30/mt to $330-340/mt FOB, as compared to yesterday's prices. The increase marks a sudden change in the direction of Chinese
billet export prices which had declined by a total of $95/mt in the week up to yesterday.
Following the recent sharp reductions seen in Chinese
billet export quotations, Chinese
billet suppliers' sales have surged, while
billet prices in the local Chinese market have also risen. As a result, Chinese
billet suppliers have decided to sharply raise their
billet export prices.