China: Steel billet prices inch down despite increase in rebar futures

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Billet prices in Tangshan inched down d-o-d by RMB 10/t ($1/t) to RMB 3,140/t ($437/t) on 2 Aug’24 (including 13% VAT).
Volatility in raw material and finished steel prices throughout the week have weighed on billet prices. However, declining inventories are expected to support prices.
SHFE rebar futures (Oct’24 delivery) increased d-o-d by RMB 24/t ($3/t) to RMB 3,379/t ($470/t) on 2 Aug’24.

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