China: Steel billet prices drop by RMB 10/t ($1/t) d-o-d despite recovery in rebar futures

• Steel billet prices in China's Tangshan dropped by RMB 10/t ($1/t) d-o-d to RMB 3,090/t ($427/t) on 12 Nov'24. Prices include 13% VAT.
• The downward correction in raw material and finished steel prices kept billet tags under pressure.
• However, SHFE rebar futures (Jan'25 delivery) increased by RMB 13/t ($2/t) d-o-d to RMB 3,344/t ($462/t) on 12 Nov'24.