Chinese Domestic Billet Market Update, 04 Nov'19

Billet: Yesterday, the ex-factory price of general carbon square billet in Tangshan, Changli and Qian'an was settled at RMB 3,330/MT, stable; in today's morning session, the market is in weak operation with plain transactions on billet and price of finished steel being in stable consolidation. Mill direct sales are plain. The ex-warehouse spot price is offered at around RMB 3,400-3,410/MT tax-included with a few transactions on low-cost resources. The billet inventory at warehouses of Xiangyu Zhengfeng and Hairun Hongyi is 133,300 MT, up 12,000 MT from last Friday. The overall trading of finished steel is weak and it is expected that billet price in the afternoon may hold stable.