Metal Bulletin reviews the major stories affecting the steel market over the past week.

Steel traders in Asia are trying to work out an arbitrage for at least 70,000 tonnes of billet to China in a highly unusual move, market sources told Metal Bulletin this week.

The latest news and price moves to start the Asian day on Wednesday October 10.

Billet prices in most of the world’s major markets continued to show signs of recovery this week, despite the uncertainty created by the Chinese market and low iron ore prices.

Prices for cargoes of steel scrap imported into South Korea have dropped over the past week amid lower demand from mills that will take rounds of maintenance during the next few months, sources told Fastmarkets on Friday September 18.

Prices in the global steel billet market continued climbing in the week ended Friday March 2 as market factors supported the upward trend.

Global steel billet prices continued their upward march last week, despite the general slowdown in buying activity, Metal Bulletin has learnt.

The Chinese yuan's recent losses against the US dollar has pressured steel prices in Asia to move down, with continual drops for both flat and long steel products across the region.

The Shanghai Futures Exchange will see first delivery of its hot rolled coil futures contract on July 15, Steel First has learned.

Steel billet prices fell in China and other markets last week, and buyers are refraining from closing deals as they wait for a definitive direction.