China: Steel billet prices fall slightly despite recovery in futures prices

Steel billet prices in China’s Tangshan witnessed a d-o-d fall of RMB 10/t ($1/t) on 4 Jan’22. Domestic billet prices stood at RMB 4,260/t ($670/t), inclusive of 13% VAT. According to data maintained with SteelMint, China’s SHFE re-bar futures contract for May’22 delivery closed today at RMB 4,395/t ($691), a recovery of RMB 80/t ($12/t) against the closing on 31 Dec.