Today, the billet prices in the Tangshan market dropped by RMB 20 ($3), as the rebar futures fell. The SHFE rebar futures contract fell by RMB 47 today. The SteelMint sources point to a turning point for build-up in steel inventories in early May. After a continued upswing, the market is also hesitant about the ever-high position. Currently, the domestic billet prices are reported at RMB 5,040/t, ex Tangshan, including 13% VAT.
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