China: Domestic billet prices slump RMB 160/t ($24/t)

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Domestic billet prices in China’s Tangshan fell sharply by RMB 160/t ($24/t) to RMB 3,760/t ($560/t), inclusive of 13% VAT on 11 July, 2022.
Steel production curbs, weak domestic demand, fall in rebar futures and subdued steel market have weighed on prices.
China’s SHFE re-bar futures contract for Oct’22 delivery closed today at RMB 4,049/t ($603/t), falling by RMB 147/t ($22/t) as against the closing on 8 July.

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