Chinese Domestic Billet Market Update, 08 May'20

Yesterday the ex-mill, tax-inclusive price of general carbon square billet 150*150mm in Tangshan, Changli, and Qian'an were settled at RMB 3,130/MT, up 10; today, steel market in Changli inched up by RMB10 to report RMB 3,140/MT. Overall transactions on billet after price revision were modest, and the price of finished steel tends to rally. Mill's direct dispatch is smooth. The warehouse spot is mainly offered at around RMB3,250 tax-inclusive with some transactions. The billet inventory at warehouses of Xiangyu Zhengfeng, Hairun Hongyi, and Wuchan Zhenxiang totaled 363,200 MT, down 13,300 MT from the level of a day earlier. The price of finished steel tends to go up amid overall moderate transactions, though certain resources traded actively. It is expected that the billet price in the afternoon will go up.