China: Steel billet prices drop by RMB 20/t despite rise in futures

• Billet prices in Tangshan dipped by RMB 20/t ($3/t) to stand at RMB 3,610/t ($506/t) on 18 Dec'23 against 15 Dec. Prices include 13% VAT.
• Drop in finished steel prices and uncertain weather conditions have put pressure on billet prices.
• However, SHFE rebar futures (May'24 delivery) inched up by RMB 18/t ($3/t) to RMB 3,933/t ($551/t) today against 15 Dec.