Northern China Billet prices that showed gains in the begining of the week reduced today in line with few trades witnessed in finished steel market, though stock is lilmited.
In Tangshan city of China, 150*150mm Q235 Billet is being quoted at RMB 3,590/t ($564/t), down byt RMB 10/t (42/t).
Traders in Tangshan anticipate offers might not correct further but stand in the range of RMB 3,600 to 3,650/t as buyers are making no purchases at higher priced material.
Sellers of Billet in Tianjin city of China are not ready to offer at lower prices because due to limited availability of stock, the material was purchased by them at higher quoted prices.
Supply of Billet in spot market is low as most of the stock has been directly sold to re-rollers. Hence, the material might be priced somewhere around RMB 3,600/t.
(Ex work prices including 17% VAT on cash payment basis).
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