Steel billet prices in China’s Tangshan witnessed a sharp hike of RMB 80/t ($12/t) to RMB 3,630/t ($538/t), inclusive of 13% VAT on 28 July. Spot prices recovered following a sharp increase in rebar futures due to an economic rebound in the country with few mills resuming operations. According to data maintained with SteelMint, China’s SHFE re-bar futures contract for Oct’22 delivery closed today at RMB 4,058/t ($601/t), a sharp increase of RMB 142/t ($21/t).
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