China: Steel billet prices fall by RMB 40/t ($6/t) d-o-d

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Steel billet prices in China’s Tangshan fell by RMB 40/t ($6/t) d-o-d to RMB 3,120/t ($435/t), including 13% VAT, on 8 Nov’24.
Weak demand led to a decline in rebar futures and weighed on billet prices. However, the government’s support policies are expected to boost demand.
SHFE rebar futures (Jan’25 delivery) plunged by RMB 69/t ($10/t) d-o-d to RMB 3,367/t ($470/t) on 8 Nov’24.

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