Today, Chinese billet market closed at RMB 1,990/MT (USD 306), registering a rise of RMB 70/MT (USD 11). Yesterday, market was closed at RMB 1,920/MT (USD 295). Prices are including 17% VAT.
The current level of RMB 1,990/MT was last seen on 25 Feb’15.
Since last 15 days, prices have been showing downward movement on account of lack of buyers in China’s domestic market. However, today market reported positive sentiments as iron ore prices triggered up by 3.5% because of better trades reported in the nation.
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