WEEKLY: Tangshan billet prices lose ground on weaker fundamentals

Billet prices in Tangshan in North China's Hebei province lost steam during September 7-13, with Mysteel assessing the price of Q235 150mm square billet in the city at Yuan 3,000/tonne ($447/t) EXW and including the 13% VAT on September 13, retreating by Yuan 40/t on week.

Behind the price decline was the widening supply glut of the semis in the Tangshan market last week, Mysteel Global noted. However, pressured by the subdued billet demand from local re-rollers and weakening ferrous futures, the mills opted to significantly lower ex-works prices for the semis by Yuan 30/t last