Steel billet prices in China’s Tangshan plunged by RMB 350/t ($52/t) to RMB 3,830/t ($573/t) on 20 June’22, inclusive of 13% VAT. Prices have hit over one-year 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 4,149/t ($620/t), falling sharply by RMB 205/t ($31/t), d-o-d.
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