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

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Billet prices in Tangshan dropped sharply by RMB 70/t ($10/t) d-o-d to RMB 2,900/t ($405/t) on 14 Aug’24. Prices include 13% VAT.
Weak demand, raw material prices falling to Apr’24 levels and volatility in finished steel prices have weighed on billet prices.
SHFE rebar futures (Oct’24 delivery) decreased by RMB 74/t ($10/t) d-o-d to RMB 3,099/t ($433/t) on 14 Aug’24.

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