China: Steel billet prices rise by RMB 30/t ($4/t) d-o-d amid positive market sentiments

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Billet prices in Tangshan rose by RMB 30/t ($4/t) d-o-d to RMB 3,560/t ($502/t) on 22 May’24. Prices include 13% VAT.
Hike in raw material, finished steel prices and rebar futures have supported billet prices.
SHFE rebar futures (Oct’24 delivery) increased by RMB 54/t ($8/t) d-o-d to RMB 3,800/t ($536/t) on 22 May’24.