Chinese Domestic Billet Prices Rise by USD 10

During the end of the last week, the plain carbon square billet 150*150mm of Q235 material in Tangshan cumulatively rose by RMB 70 (USD 10) On 18 May'20, the market opened with a price hike of RMB 10 to reach RMB 3,250/MT, and the billet 165*225mm Q235 material is offered at RMB 3,270/MT. All prices are ex-mill, tax inclusive.

The sharp hike is primarily due to the upcoming political conference in Beijing on 21-22 May'20. According to market sources reported to SteelMint, the conference would focus on China's next Economic moves. It is also expected that the conference outcome could limit production and transportation activities. Thus, prices and sentiments in the country got positively driven.

Also steel stocks in China have witnessed decline against the previous week on increased consumption which has supported the price hike.