Chinese Domestic Steel Market Update, 20 Aug'19

Billet: Yesterday, the ex-factory price of general carbon square billet in Tangshan, Changli and Qian'an was settled at RMB 3,440/MT, up RMB 20. Today steel market tends to go weak with plain transactions on billet and prices of finished steel are in disarray. Mill direct sales are general. The ex-warehouse spot price is offered at RMB 3,520/MT tax-included with few transactions. The billet inventory at warehouses of Xianggu Zhengfeng and Haiyi Hongrun is 284,600 MT, up 9,500 MT from yesterday. The overall transactions on finished steel are weak and it is expected that billet price in the afternoon may remain stable.