Press releases

Northern Chinese billet prices wobble as market reopens - 31 January 2012

There were some small fluctuations in billet prices in China’s northern regions on Monday, the first business day after the end of the Chinese New Year holidays.

In Hebei province’s Tangshan city, ex-works prices for 150x150mm Q235 billet from major mills picked up RMB 10/tonne to reach RMB 3,690/t Monday morning, on a cash-payment basis with 17% VAT.

However, prices dipped in the afternoon by the same margin and eventually settled at RMB 3,680/t ($582/t).

Billet makers wanted to set a stronger tone for the post-holiday market by lifting ex-works prices, a Tangshan-based market observer tells Steel Business Briefing. But this lacked support since the market has not fully resumed and most end users have not yet re-opened for business, he adds.

Meanwhile, the weak performance on the futures market also failed to instil confidence in the physical spot market. The May rebar contract on the Shanghai Futures Exchange closed at RMB 4,320/t ($682/t) Monday, down nearly 0.1% from the close of the previous trading day of 20 January.

N.China 150x150mm Q235 billet prices

©SBB 2012

RMB/tonne

 

17% VAT incl.

17% VAT excl.

Tangshan

3,680

3,145

 

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