Chinese Domestic Billet Market Update, 11 Nov'19

Billet: Yesterday, the ex-factory price of general carbon square billet in Tangshan, Changli and Qian'an was settled at RMB 3,310/MT, down RMB 20; in today's morning session, the price of billet in Changli area went up by RMB 10 to RMB 3,320/MT. Transactions after price uptick was smooth and price of finished steels are in disparity. Mill direct sales are smooth. The ex-warehouse spot price is offered at around RMB 3,390-3,400/MT tax-included with some transactions. The billet inventory at warehouses of Xiangyu Zhengfeng and Hairun Hongyi is 140,200 MT, up 2,600 MT from yesterday. The overall trading of finished steel is active and it is expected that billet price in the afternoon may keep stable.