China: Steel billet prices drop sharply by RMB 60/t ($8/t) d-o-d

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Billet prices in Tangshan decreased significantly by RMB 60/t ($8/t) d-o-d to RMB 3,140/t ($435/t) on 25 Jul’24. Prices include 13% VAT.
Sharp drop in rebar futures, finished steel prices and exchange rate (USD vs RMB) weighed on billet prices.
Meanwhile, SHFE rebar futures (Oct’24 delivery) fell by RMB 62/t ($9/t) d-o-d to RMB 3,329/t ($461/t) on 25 Jul’24.

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