It is reported that prices of Tangshan billet saw a big decline of CNY 140 per tonne during 17th, June to 19th June pulling down prices of main steel products on 20th June.

Most insiders believed that off season of steel market is coming due to heavy rains in South China, letting alone sluggish demand in traditional off season, high temperature summer after heavy rains. However, on 23rd June rebar futures RB1110 opened low, moving down first on the early morning, quickly witnessing a rebound, and finally closing at CNY 4733 per tonne up CNY 32 per tonne, or 0.68%.

Earlier on June 22nd falling indicator Tangshan billet also saw a rebound of CNY 40 per tonne. Despite rebounds of billet prices and rebar futures and most traders still thought the rebound in futures market will hardly continue in lack of bolstering of spot prices.

Spot prices issued by Mysteel showed on June 23rd the average price ofΦ20mm HRB335 rebar in 25 main cities was CNY 4,923 per tonne down by CNY 14 per tonne DoD on the same day average price of 3.0 mm HRC in 24 main markets was CNY 4,885 per tonne down CNY 12 per tonne.

(Sourced from MySteel.net)
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