China: Steel billet prices fall sharply by RMB 70/t ($10/t)

• Steel billet prices in China's Tangshan fell RMB 70/t ($10/t) to RMB 2,830/t ($401/t) on 23 Sep'24 against 20 Sep'24. Prices include 13% VAT.
• Weak sentiments in finished steel, falling raw material prices, and declining rebar futures weighed on billet prices.
• Meanwhile, SHFE rebar futures (Jan'25 delivery) dropped by RMB 78/t ($11/t) to RMB 3,087/t ($438/t) on 23 Sep.