Chinese Domestic Billet Market Update, 16 Apr'20

Yesterday the ex-mill, tax-inclusive price of general carbon billet in Tangshan, Changli, and Qian'an were settled at RMB 3,060/MT, down RMB 10; In the morning today, steel market tends to be stable and transactions on billet is modest while the price of finished steel is in disarray. Mill direct dispatch is modest. The warehouse spot is mainly offered at RMB 3,150/MT tax-inclusive with some transactions. The billet inventory at warehouses of Xiangyu zhengfeng, Haiyi Hongrun, Wuchan Zhenxiang totaled 534,900 MT, down 1,600 MT from a day earlier. The trading performance of finished steel differs and is modest overall, though certain resources saw improved transactions; it is expected that billet price in the afternoon may remain stable.