Steel billet prices in China’s Tangshan fell by RMB 60/t ($9/t) to RMB 3,700/t ($550/t) on 12 July, inclusive of 13% VAT. Prices have hit over one and a half years low amid falling futures, weak demand and subdued finished steel sentiments. According to data maintained with SteelMint, China’s SHFE rebar futures contract for Oct’22 delivery closed today at RMB 3,910/t ($581/t), falling sharply by RMB 139/t ($21/t), d-o-d.
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