China: Steel billet prices increase by RMB 40/t ($5/t) d-o-d

• Steel billet prices in China's Tangshan increased by RMB 40/t ($5/t) d-o-d to RMB 3,080/t ($420/t), including 13% VAT, on 17 Jan'25.
• Billet prices rose amid a market rebound, driven by improved rebar futures, sufficient sales, and widespread short-covering before the Lunar New Year, despite lagging demand.
• SHFE rebar futures (May'25 delivery) rose RMB 45/t ($6/t) d-o-d to RMB 3,372/t ($460/t) on 17 Jan'25.