China: Steel billet prices rise despite a drop in rebar futures

Steel billet prices in China’s Tangshan witnessed a rise of RMB 40/t ($6/t) d-o-d on 24 Jan’22 to RMB 4,480/t ($708/t), inclusive of 13% VAT. According to SteelMint data, China’s SHFE re-bar futures contract for May’22 delivery closed today at RMB 4,665/t ($737/t), a fall of RMB 46/t ($7/t), d-o-d.