China: Steel billet prices continue to head north despite drop in futures

• Billet prices in Tangshan increased by RMB 60/t ($9/t) to RMB 3,050/t ($435/t) d-o-d on 27 Sep'24. Prices include 13% VAT.
• Rising raw material and finished steel prices, combined with favourable macroeconomic conditions, continue to bolster billet prices.
• However, SHFE rebar futures (Jan'25 delivery) decreased by RMB 54/t ($8/t) to RMB 3,200/t d-o-d ($456/t) on 27 Sep.