China imported 941,326 tonnes of billet in October, down by 31% from 1.36 million tonnes in September.
October’s slab imports came to 418,055 tonnes, down by 61% from 1.06 million tonnes in September.
“China’s import prices weren’t significantly higher than other buyers, so its attractiveness dropped,” an importer in eastern region said.
October shipments were mainly booked in August and September.
In August, Fastmarkets’ price assessment for steel billet domestic, exw Tangshan, Northern China averaged at 3,424 yuan ($502) per tonne, equivalent to $437 per tonne excluding value-added tax.
The exchange rate averaged 6.93 yuan to $1 in August, according the State Administration of Foreign Exchange (SAFE).
While, the average price in September was 3,401 yuan per tonne, equivalent to $442 per tonne exclusive VAT. The exchange rate average 6.81 to $1 in September, according to SAFE data.
In the nearby import market, Fastmarkets’ assessment for steel billet import, cfr Southeast Asia averaged $431 pere tonne in August and $447 per tonne in September.
China’s steel billet and slab imports in October decreased compared with September due to lower prices than other importers, although they maintained year-on-year rises.