Chinese Domestic Billet Market Update, 27 Feb'20

Billet: Yesterday the ex-mill tax inclusive price of general carbon billet in Tangshan, Changli and Qian'an was settled at RMB 3,080/MT, up RMB 10. Today, steel market is largely stable with modest transactions on billet on the whole while prices of finished steel tends to dip. Mill direct delivery is modest. The warehouse spot is mainly offered at RMB 3,130-3,150/MT tax inclusive with a few transactions on low-cost resources. The billet inventory at warehouses of Xiangyu zhengfeng, Haiyi Hongrun, Wuchan Zhenxiang and Sumec Xincheng totaled 1.0452 MnT, up 7,300 MT from day earlier; transactions on the finished steels are on the whole weak; It is expected that billet price in the afternoon may remain stable or slip RMB 10/MT