WEEKLY: Tangshan billet prices drop further on week

Tangshan billet prices in North China's Hebei province continued to weaken over October 26-November 1, with Mysteel assessing the price of Q235 150mm square billet in the city at Yuan 2,890/tonne ($439/t) EXW including 13% VAT on November 1, down by Yuan 30/t on week.

The further decline in billet prices was mainly attributable to a sharp increase in supply that exacerbated oversupply conditions in the market, a Mysteel analyst noted. Through the week, some steelmakers had resumed blast furnace operations following the completion of maintenance while suspending some rolling mills for overhauls, she explained.