Chinese billet offers, which had surged to RMB 2,640/MT on 21 Apr’16, have now dropped steeply by RMB 160/MT (USD 25/MT) to RMB 2,480/MT (USD 382/MT) in just 5 days.
A largest billet manufacturer in China, Xinda on 25 Apr’16 in its morning trade, had reduced its offers by RMB 50/MT (USD 8/MT) and other domestic manufacturers followed suit and slashed their offers by RMB 100-110/MT (USD 15-17/MT) on the same day in afternoon, reported sources. All prices are including 17% VAT.
Mill production cuts and highway transportation limits announced by Tangshan municipality are likely to weigh on billet prices in China.
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