Chinese Domestic Billet Market Update, 09 Sep'19

Billet: Yesterday, the ex-factory price of general carbon square billet in Tangshan, Changli and Qian'an was settled at RMB 3,380/MT, up RMB 10; in the morning session today, steel market grew weak with plain transactions on billet while price of finished steel mainly remain stable though individual turned down. Mill direct sales are smooth. The ex-warehouse spot price is offered at around RMB 3,460/MT tax-included with some transactions. The billet inventory at warehouses of Xianggu Zhengfeng and Haiyi Hongrun is 360,600 MT, down 7,300 MT from last working day. The overall transactions on finished steel is somewhat weak and it is expected that billet price in the afternoon may remain stable.