Chinese Domestic Billet Market Update, 31 Mar'20

Yesterday the ex-mill tax-inclusive price of general carbon billet in Tangshan, Changli and Qian'an were settled at RMB 3,070/MT, down RMB 30; Today, steel market in Changli area rebound by RMB 10 to report RMB 3,080/MT; Transactions on billet is modest on the whole after price upswing while the price of finished steel is in downward revision. Mill direct sales are modest. The warehouse spot is mainly offered at RMB 3,140/MT tax-inclusive with some transactions. The billet inventory at warehouses of Xiangyu Zhengfeng, Haiyi Hongrun, Wuchan Zhenxiang, and Sumec Xincheng totaled 701,400 MT, down 5,200 MT from a day earlier; transactions on finished steel are smooth overall, though price tends to go weak. It is expected that billet price in the afternoon may go up