Chinese Domestic Billet Market Update, 18 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, down RMB 20; today, steel market runs weak with overall plain transactions on billet while price of finished steel being in downward consolidation. Mill direct sales are smooth. The ex-warehouse spot price is offered at around RMB 3,440/MT tax included with some transactions. The billet inventory at warehouses of Xiangyu zhengfeng and Haiyi Hongrun is at 306,000 MT, down 11,500 MT. The overall transactions on finished steel struggles and it is expected that billet price in the afternoon may run downward by RMB 10-20.