China: Steel billet prices inch up by RMB 10/t ($1/t) despite fall in rebar futures

—

Billet prices in Tangshan edged up by RMB 10/t ($1/t) d-o-d to RMB 3,550/t ($490/t) on 28 May’24. Prices include 13% VAT.
Improvement in finished steel prices has supported billet prices. However, volatility in raw material prices and rebar futures, weak demand continued to remain a matter of concern.
However, SHFE rebar futures (Oct’24 delivery) decreased by RMB 18/t (2/t) to RMB 3,745/t ($517/t) on 28 May’24.