Today, billet prices in Chinese domestic market again slipped down by RMB 100/MT (USD 15/MT) against the last day closing. Current offers are heard at RMB 2,390/MT (USD 368/MT), which were RMB 2,490/MT (USD 383/MT) on 29 Apr’16.
The price drop was accompanied by steep decline of 49.4 (in an index where figures below 50 indicate a contraction in the sector) in the Caixin Markit Purchasing Managers’ Index, which measures activity in China’s smaller and private industrial companies.
However, with the starting of Apr’16, prices were seem to be rising continuously and reached to the level of RMB 2,640/MT (USD 406/MT) till 21 Apr’16, then reported steep decline.
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