China: Domestic billet prices slump RMB 100/t ($15/t)

—

Domestic billet prices in China’s Tangshan fell sharply by RMB 100/t ($15/t) to RMB 3,900/t ($583/t), inclusive of 13% VAT on 4 July.
Steel production curbs, weak domestic demand, fall in rebar futures and subdued finished steel market amid bad weather due to cyclone in the region have weighed on prices.
China’s SHFE re-bar futures contract for Oct’22 delivery closed today at RMB 4,168/t ($623/t), falling by RMB 97/t ($14/t) as against the closing on 1 July.

Comments