Correction: Falling futures pull down Chinese domestic billet prices by $36/t

Chinese domestic billet prices on 24 May ’21 dropped by RMB 230/t ($36) vis-a-vis 21 May ’21, as per SteelMint reports. Falling rebar* futures contracts on the Shanghai Futures Exchange (SHFE) are pulling down domestic billet prices in China. The billet transactions witnessed were moderate, and finished steel prices were showing a downward trend. The prices of commonly traded Q235 billet (150*150mm ) were reported at RMB 4,920/t ($765/t) in Tangshan, including 13 % VAT.

Note: * indicates a correction from billet futures to rebar futures