Chinese Domestic Billet Prices Rise After Holidays

Yesterday the ex-mill, tax-inclusive price of general carbon square billet 150*150mm in Tangshan, Changli, and Qian'an was settled at RMB 3,110/MT, up RMB 10; today, steel market in Changli inched up by RMB 10 to report RMB 3,120/MT. Overall transactions on billet after price revision were modest, and the price of finished steel tends to gather steam. Mill's direct dispatch is smooth. The warehouse spot is mainly offered at around RMB 3,210-3,220/MT tax-inclusive with some transactions on low-cost resources. The billet inventory at warehouses of Xiangyu Zhengfeng, Haiyi Hongrun, and Wuhan Zhenxiang is 392,500 MT, down 500 MT from the level of a day earlier; The price of finished steel mainly tends to hike with overall modest transactions, whereas certain resources traded actively. It is expected that the billet price in the afternoon will go up.