China: Steel billet prices fall sharply by RMB 50/t ($7/t) d-o-d

• Steel billet prices in China's Tangshan fell by RMB 50/t ($7/t) d-o-d to RMB 3,130/t ($436/t) on 6 Nov'24. Prices include 13% VAT.
• Drop in rebar futures and weak demand weighed on billet prices.
• SHFE rebar futures (Jan'25 delivery) decreased by RMB 41/t ($6/t) d-o-d to RMB 3,392/t ($473/t) on 6 Nov'24.