China: Billet imports rise by 16% y-o-y during Jan-Feb '21
The billet imports in China during Jan-Feb '21 noted a y-o-y rise of 16% to reach 1.3 mn t, according to the recent data released by China customs. Vietnam, Iran, Russia, Indonesia, and Oman stood as the predominant exporters.
Price rally in Chinese domestic billet has kept mills active in booking imported billets in the past few months.
On monthly basis, the billet imports in China witnessed a marginal fall to reach 681,450 t from 682,089 t in Jan '21. The fall in imports was due to the decreased supply from Russia, India, and Indonesia. On the other hand, imports from Vietnam, Oman, and Japan witnessed a significant rise.
The fall in imports was due to the reasonable Chinese domestic billet prices. For instance, in Jan '21, the average domestic billet prices were RMB 3812/t ($594/t), ex Tangshan including 13% VAT. While imported billet prices witnessed were at $600-605/t, CFR (including 2% import duty) for Non-ASEAN billets and around $595/t, CFR for ASEAN billets. Notably, ASEAN billets don't attract an import duty of 2%.
Country-wise billet imports in China
Quantity in t
Source: China customs