Chinese Domestic Billet Market Update, 25 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, stable; 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 prices of finished steel are mixed. Mill's direct dispatch is moderate. The warehouse spot is mainly offered at around RMB 3,330/MT tax-inclusive with some transactions. The billet inventory at warehouses of Xiangyu Zhengfeng, Hairun Hongyi, and Wuchan Zhenxiang totaled 258,400 MT, up 2,400 MT from the level of a day earlier. The prices of finished steel are mixed with overall weak transactions, though certain resources saw smooth trading. It is expected that the billet price in the afternoon will go up.