China: Steel billet prices rise RMB 20/t ($3/t) despite drop in rebar futures

Steel billet prices in China’s Tangshan witnessed an increase of RMB 20/t ($3/t) on 9 Aug’22 despite a decline in rebar futures. Prices stood at RMB 3,780/t ($560/t), inclusive of 13% VAT. According to data maintained with SteelMint, China’s SHFE re-bar futures contract for Oct’22 delivery closed today at RMB 4,089/t ($605/t), a fall of RMB 47/t ($7/t), d-o-d.