Billet export offers have remained on higher side. China has been Strongly emphasizing on capacity Cuts of induction furnace Steel in Order to rule Out substandard production in order to reduce pollution. This resulted in reduced supplies of Billet from China.
In the latest update received Hebei- largest steel producing province in China is expected to complete capacity cuts decided ahead of schedule. It has removed 10.5 MnT Crude steel capacity over Jan-July.
Other factors like hike in global scrap prices, hike in prices of electrodes over less Supply and increased demand from Electric Arc Furnace operators have also resulted in Surge in billet prices.
However less trade activities were reported this week as buyers preferred to wait & Watch for further price movements.
Source Steel Mint powered by Keyvan Jafari Tehrani
