Chinese Domestic Billet Market Update, 19 May'20

Yesterday the ex-mill, tax-inclusive price of plain carbon square billet 150*150mm in Changli and Qian'an was settled at RMB 3,250/MT, up RMB 10; In the morning today, steel market in Changli area rose RMB 10 to report RMB 3,260/MT. Overall transactions on billet were modest after price revision, and price of finished steel trends up. Mill direct dispatch is sort of week. The warehouse spot is mainly offered at around RMB 3,350/MT tax-inclusive with some transactions. The billet inventory at warehouses of Xiangyu Zhengfeng, Hairun Hongyi, and Wuchan Zhenxiang totaled 271,200 MT, up 1,300 MT from the level of a day earlier. The price of finished steel tends to hike with overall modest transactions, though individual resources are smoothly traded. It is expected that the billet price in the afternoon will go up.