WEEKLY: Tangshan billet under more downward pressure
Nov 04, 2019 18:00
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Mysteel’s benchmark price for Q235 150mm square billet in Tangshan, the weathervane of China’s steel market, declined to Yuan 3,330/tonne ($472.3/t) EXW and including the 13% VAT as of November 1, lower by Yuan 30/t on week. Moreover, the price of the semi is seen taking more of a pummelling due to shrinking demand against increasing supply from outside suppliers, market sources indicated.
Last week, billet consumption in Tangshan, the top steel powerhouse in North China’s Hebei province, was comparatively strong, despite that local re-rollers were not especially motivated to produce – or to replenish billet stocks – due to the thin profits they’re earning, as reported.
Over October 24-30, daily billet consumption among