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

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Billet prices in Tangshan fell by RMB 20/t ($3/t) to RMB 3,260/t ($451/t) on 1 Apr’24 against 29 Mar’24. Prices include 13% VAT.
Volatile market sentiments from finished steel continued to weigh on billet prices. However, production cut news is expected to support prices.
SHFE rebar futures (May’24 delivery) increased by RMB 44/t ($6/t) to RMB 3,456/t ($478/t) on 1 Apr’24 against 29 Mar’24.