WEEKLY: Higher billet stocks putting pressure on prices
Aug 03, 2020 17:30
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Billet stocks in Tangshan, China’s top steel producing and billet supply base in North China’s Hebei province, increased rapidly last week after local steel re-rollers were obliged to observe local government-mandated production suspensions. The rise in stocks has been exerting pressure on billet prices, according to Mysteel’s latest weekly report.
As of July 30, billet inventories at 14 trading houses in Tangshan, including two ports – Caofeidian and Jingtang – jumped by a large 100,900 tonnes or 24.4% on week to a three-month high of 514,500 tonnes, according to Mysteel’s weekly survey.
Billet stocks at the 53 Tangshan steel re-rollers also