China: Steel billet prices rise sharply by RMB 70/t ($10/t)

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Billet prices in Tangshan rose by RMB 70/t ($10/t) to RMB 2,970/t ($417/t) on 26 Aug’24 as against 23 Aug. Prices include 13% VAT.
Recovery in rebar futures and finished steel market have supported billet prices. However, demand is yet to improve.
SHFE rebar futures (Oct’24 delivery) increased sharply by RMB 110/t ($15/t) to RMB 3,264/t ($458/t) on 26 Aug’24 as against 23 Aug’24.

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