Chinese Domestic Steel Market Update, 1 Jul'19

Billet: Yesterday the ex-factory price of general carbon billet in Tangshan, Changli and Qian'an areas was settled at RMB 3,670/MT up RMB 40. In the early morning, some steel mills in Qian 'an area led the gain of RMB 20 to reach RMB 3,690/MT. After the increase, the billet transaction is smooth, and the price of finished products tends to go up. Mill direct sales are smooth. The ex-warehouse spot is offered at RMB 3,800/MT tax-inclusive with some transactions; the billet inventory at warehouses of Xiangyu Zhengfeng and Haiyi Hongrun is 388,200/MT, an increase of 2,100/MT. The mainstream price of finished products swung up with some stay stable, though transactions overall is weak. It is expected that price of low-cost billet resources will increase by RMB 20 in the afternoon.

Shagang Steel raise long steel price for early July - China's Shagang Steel has today released price policy for long steel products for early July. The company has announced a hike in rebar and wire rod prices. Shagang is selling HRB400; 16-25 mm dia rebar at RMB 4,170/MT over the end June period, up RMB 200/MT against the last set of prices for end-Jun'19 shipments.