China Domestic Billet Market Update, 05 Sep'19

Billet: Yesterday, the ex-factory price of general carbon square billet in Tangshan, Changli and Qian'an was settled at RMB 3,360/MT, up RMB 10; in the morning session today, Changli area led a gain of RMB 20 to RMB 3,380/MT. Transactions on billet after the uptick were smooth while price of finished steel mainly trended up. Mill direct sales are smooth. The ex-warehouse spot price is offered at RMB 3,450-3,460/MT tax-included with some transactions. The billet inventory at warehouses of Xianggu Zhengfeng and Haiyi Hongrun is 383,700 MT, down 8,100 MT from yesterday. The overall transactions on finished steel are smooth and it is expected that billet price in the afternoon may go up.