Chinese Domestic Billet Market Update, 30 Mar'20

Yesterday the ex-mill tax-inclusive price of general carbon billet in Tangshan, Changli and Qian'an was settled at RMB 3,100/MT, stable; Today, the steel market weakened and transactions on billet is modest on the whole while the price of finished steel is in downward revision. Mill direct sales are weak. The warehouse spot is mainly offered at RMB 3,130/MT tax-inclusive with some transactions. The billet inventory at warehouses of Xiangyu zhengfeng, Haiyi Hongrun, Wuchan Zhenxiang, and Sumec Xincheng totaled 706,600 MT, down 2,900 MT from a day earlier; finished steel tends to go disparity after price decrease with narrow strips traded smoothly while section steel somewhat weak. It is expected that billet prices in the afternoon may go down by RMB 30.