China: Domestic billet prices fall by RMB 20/t ($3/t)

Steel billet prices in China's Tangshan dropped by RMB 20/t ($3/t) on 16 Aug'21. Domestic billet prices stood at RMB 5,090/t ($786/t), inclusive of 13% VAT. The sharp decline in re-bar futures today resulted in some correction in domestic steel prices. According to data maintained with SteelMint, China's re-bar futures contract for Jan'22 delivery stood at RMB 5,328/t ($822/t) on 16 Aug'21, witnessing a sharp decline of RMB 154/t ($24/t) against the last closing on 13 Aug'21.