China: Steel billet prices further drop by RMB 50/t ($7/t) d-o-d

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Steel billet prices in Tangshan continued to decline, dropping by RMB 50/t ($7/t) d-o-d to RMB 2,820/t ($396/t) on 4 Sep’24. Prices included 13% VAT.
Declining raw material prices, finished steel prices, and rebar futures, along with bearish export and domestic market sentiments, weighed on billet prices.
Meanwhile, SHFE rebar futures (Jan’25 delivery) decreased by RMB 40/t ($6/t) to RMB 3,109/t ($437/t) on 4 Sep’24.

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