China: Steel billet prices drop by RMB 20/t ($3/t) despite improvement in rebar futures

• Steel billet prices in China's Tangshan fell by RMB 20/t ($3/t) to RMB 3,060/t ($422/t) on 18 Nov'24 against 15 Nov. Prices include 13% VAT.
• Uncertain market conditions, coupled with reduced demand, exerted downward pressure on billet tags.
• Meanwhile, SHFE rebar futures (Jan'25 delivery) increased by RMB 47/t ($6/t) to RMB 3,279/t ($453/t) on 18 Nov'24 against 15 Nov.