China: Steel Prices Retreat After Yesterday's Hike

The price of general carbon steel billet in Tangshan, Changli and Qian'an was settled at RMB3,410/ton yesterday ,up RMB30. Today, the steel market is weak with sluggish transaction in billets and downward adjustment of mainstream steel prices. The specific transactions are as follows:

Construction steel: Mainstream price in the market is stable, while some moved down RMB 10. Now the price of HRB400 of big size is at RMB3,700,small size at RMB3,770, and coiled rebar at RMB3,780, all in plain transaction.

HRC: The mainstream price of HRC in the market is weak, with some moving down RMB10, coils of 3.0mm is at RMB3,600, 5.5mm mainstream flattened is at RMB3,570-3,580, and Q345 flattened is at RMB3,740.

Medium plate: The mid-plate market has dropped slightly by RMB10, and now the mainstream of 14-22mm is reported at RMB3,710, and the low-alloy plate is at RMB3,910.

Billet: Billet prices in Tangshan dropped by RMB 30/t and some local mills offered RMB 3,380/t ex-factory, including tax. Mill direct sale is weak.

Strip: Small narrow strips in Tangshan market fell by RMB40 to see the mainstream reported at RMB3,600 with the overall market transaction being weak; 355 strip is RMB20 lowered than yesterday to stand at RMB3,550-3,590 for the mainstream spot ,while future deliverable at RMB3,540-3,570. Price operates under pressure with few transactions.