Chinese Domestic Billet Market Update, 17 Apr'20

Yesterday the ex-mill, tax-inclusive price of general carbon billet in Tangshan, Changli and Qian'an were settled at RMB 3,070/MT, up RMB10; In the morning today, steel market in Changli area gained RMB 10 to report RMB 3,080/MT; transactions on billet after the price uptick is modest while prices of finished steel trend up. Mill direct dispatch is smooth; The warehouse spot is mainly offered at RMB 3,170-3,180/MT tax-inclusive with some transactions. The billet inventory at warehouses of Xiangyu Zhengfeng, Haiyi Hongrun, Wuchan, Zhenxiang totaled 534,600 MT, down 300 MT from a day earlier. The price of finished steel inclines to go up through the overall transactions are modest with certain resources traded well. It is expected that billet prices in the afternoon may tick up.