Chinese domestic billet offers within last two days have moved down by RMB 90/MT (USD 14) and today closed at RMB 2,280/MT (USD 345).
Offers in domestic market were seen at RMB 2,320/MT (USD 352) on 30 Aug’16 and RMB 2,370/MT (USD 359) on 29 Aug’16. All prices are including 17% VAT.
Sources reported that the major factor of price correction was drop in Chinese steel and iron ore futures to its weakest levels in almost a month amid demand worries.
However analyzing the whole month, it is assessed that Chinese billet prices have gained by RMB 160/MT (USD 24) from RMB 2,120/MT (USD 321) to current RMB 2,280/MT (USD 345).
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