- Steel billet prices in Tangshan dropped RMB 30/t ($4/t) d-o-d to RMB 3,110/t ($434/t), including 13% VAT, while SHFE Oct’25 rebar futures declined RMB 48/t ($7/t) to RMB 3,261/t ($455/t).
- After a sharp rally, the Chinese steel market cooled as traders booked profits, which led to lower futures.
- Although downstream demand was tepid, sentiment was supported by stimulus expectations and a bullish stock market.
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