Chinese Domestic Steel Market Update, 16 Aug'19

Billet: Yesterday, the ex-factory price of general carbon square billet in Tangshan, Changli was settled at RMB 3,470/MT, down RMB 20, while Qian'an area for the same also at RMB 3,470/MT, down RMB 30. Today the steel market tends to go weak with reduced transactions on billet and price of finished steel slipped slightly. Mill direct sales are weak. The ex-warehouse spot price is offered at RMB 3,500-3,510/MT tax-included with few transactions at low prices. The billet inventory at warehouses of Xiangyu Zhengfeng and Haiyi Hongrun is 248,700 MT, up 9,600 MT from yesterday. The overall transaction on finished steel are weak and it is expected that billet price in the afternoon may go down RMB 30.