China: Steel billet prices drop sharply by RMB 70/t ($10/t)

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Billet prices in Tangshan decreased significantly by RMB 70/t ($10/t) to RMB 3,000/t ($418/t) on 12 Aug’24 against 9 Aug’24. Prices include 13% VAT.
Sharp drop in rebar futures, weak finished steel market along with low demand have pulled down billet prices.
Meanwhile, SHFE rebar futures (Oct’24 delivery) fell by RMB 55/t ($8/t) to RMB 3,222/t ($449/t) on 12 Aug’24 against 9 Aug’24.

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