China: Steel billet prices rebound by RMB 40/t ($6/t) following uptick in rebar futures

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Tangshan’s billet prices recovered by RMB 40/t ($6/t) to RMB 3,110/t ($437/t) on 21 Oct’24 against 18 Oct’24. Prices include 13% VAT.
Favourable sentiments in the raw material and finished steel markets, a hike in rebar futures, and expectations of policy support from the government supported billet prices.
SHFE rebar futures (Jan’25 delivery) increased by RMB 22/t ($3/t) to RMB 3,358/t ($472/t) on 21 Oct’24 against 18 Oct’24.

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