Chinese Domestic Billet Offers Fall After Yesterday's Hike

The price of general billet in Tangshan, Changli and Qian'an yesterday was settled at RMB 3,520/MT ex-factory,up RMB 90 against prices before holidays. Today, the steel market is weak, the billet transaction is also somewhat weak, and the price of mainstream finished product tends to get down. The specific transactions are as follows:

Billet: Mill direct sale is mediocre and the spot is about RMB 3,600/MT (-RMB 20/MT D-o-D) ex-warehouse tax-included with a few transactions. The overall transaction of finished products is weak, and it is expected that the billet will remain stable in the afternoon.

Construction Steel: Tangshan market saw an increase of RMB 110-150/MT as the market opened. Now the current market of rebar HRB400 of big size is RMB 3,830, small size at RMB 3,900, coiled rebar at RMB 3,960/MT.

Section steel: Section steel in Tangshan is stable in early trading hours, and the trading met resistance before going down by RMB 20. Now the mainstream quotation of I beam is RMB 3,860-3,880, channel steel at RMB 3,880-3,900 and angle steel at RMB 3,950. The market sentiment is low and trading atmosphere is plain. As of 10:30am, of the 16 mills in Tangshan being tracked,the sales totaled 3,100 tons, which was 80% lower than yesterday. Among them, 5 mills sold 400 tons of I beams, 5 sold 800 tons of channel steels and 6 sold 1,900 tons of angles..

HRC: HRC traders in Tangshan returned to the market, and the price rose RMB 90 with 3.0mm coils being at RMB 3,800, 5.5mm flattened reported at RMB 3,780/MT Q345 flattened at RMB 3,940.

Medium plate: The transaction of mid-plate in Tangshan market is light, and the price dropped by RMB 50. Now the mainstream of 14-22mm is at RMB 3,900/MT and the low alloy plate is at RMB 4,100.