Chinese Domestic Billet Market Update

Yesterday the ex-mill tax-inclusive price of general carbon billet in Tangshan, Changli and Qian'an were settled at RMB 3,170/MT, stable; Today, the steel market rose RMB 20 to report RMB 3,190/MT. Transactions on billet were smooth on the whole after price upswing and the price of finished steel tends to go up. Mill's direct delivery is smooth. The warehouse spot is mainly offered at RMB 3,280/MT tax-inclusive with active transactions. The billet inventory at warehouses of Xiangyu zhengfeng, Haiyi Hongrun, Wuchan Zhenxiang, and Sumec Xincheng totaled 878,800 MT, down 17,600 MT from a day earlier; the overall transactions on finished steel are smooth and billet price in the afternoon may go up.