China: Steel billet prices drop sharply by RMB 80/t ($11/t)

• Steel billet prices in Tangshan dropped sharply by RMB 80/t ($11/t) d-o-d to RMB 3,080/t ($428/t, including VAT), while SHFE Oct'25 rebar futures decreased by RMB 102/t ($14/t) to RMB 3,213/t ($446/t).
• The decline was driven by coking coal volatility, weak July PMI, and sluggish demand. Despite early summer strength, July ended with negative sentiment, rising inventories, and limited local price adjustments.