MS billet prices in China recovered yesterday by RMB 80/MT (USD 12) and closed at RMB 2,000/MT (USD 308) in the evening trade. The same level was last seen on 31 Mar’16.
Since a week, prices in domestic market have been declining persistently and get corrected by RMB 200/MT (USD 31) in the duration. But, market started to show recovery from last couple of days.
Today, Chinese billet makers opened their prices by maintaining at the same level of RMB 2,000/MT (USD 308) in morning trade.
Sources reported that few giant Chinese steelmakers increased their billet prices, which in turn has supported billet prices in domestic market.
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