Today, Chinese billet offers in domestic market opened at RMB 1,780/MT (USD 274), have dipped RMB 120/MT (USD 19) during a week. The current level was last seen on 4 Mar’16.
Since the starting of the month May’16, offers have been falling persistently on account of limited availability of buyers in domestic market and viewing price corrections by China’s steel giants.
However, at the end of the month, prices were almost remained unchanged. In a month’s time, prices have plunged down by RMB 610/MT (USD 94) from RMB 2,390/MT (USD 368) to current level of RMB 1,780/MT (USD 274). All prices are including 17% VAT.
Chinese billet export offers down USD 12.5/MT W-o-W
Following constant fall in Chinese billet offers in domestic market, offers in export market have also fallen by USD 12.5/MT to USD 300/MT, FoB China. While in a month, offers dipped by USD 90/MT from USD 390/MT, FoB China.
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