Chinese billets offers into Southern Europe are rising by $10/tonne (€9/t) compared to last week, market sources tell Kallanish.

Chinese billets are at $280/t cif Southern European port. New offers from producers all over the world are also increasing by €10/t. The only question mark concerns the traders, sources say. “Some traders selling Chinese billets may have taken options so depending on their commercial choices they may dip below the level of  $280/t seen today,” one source comments.

This first price hike may signal the end of the fall especially now that scrap in Spain and Italy is stable and gaining €5/t for some grades. Billets from Southern European producers are now at €300-310/t ex-works, sources suggest.