Chinese Domestic Billet Market Update; 20 Apr'20

Yesterday the ex-mill, tax-inclusive price of general carbon billet in Tangshan, Changli and Qian'an was settled at RMB 3,090/MT, up RMB 10; Today, the market in Changli take the lead to hike RMB 10 reporting at RMB 3,100/MT. Transactions on billets are modest after price upswing while prices of finished steel trend up. Mill direct dispatch is smooth. The warehouse spot is mainly offered at RMB 3,190/MT tax-inclusive with some transactions. The billet inventory at warehouses of Xiangyu zhengfeng, Haiyi Hongrun, Wuchan Zhenxiang, and Sumec Xincheng totaled 535,600 MT, up 3,700 MT from day earlier. The prices of finished steel trend up with modest transactions overall, though individual resources traded actively. It is expected that the billet price in the afternoon will go up.