Prices declined in most regions last week on weak market sentiment after a slump in the Chinese billet market early last week and mills from the CIS region reduced offers to get new bookings.
China Billet prices in China's northern Tangshan region dropped by 70 yuan per tonne last week, quoted at 3,600 yuan ($543) per tonne on Friday June 29. Most of the decrease occurred over the weekend and on Monday, due to soft demand for the semi-finished product and weakness in rebar futures. Chinese prices fell further during the week and only partially recovered on Friday, leading market participants to expect further reductions in rebar prices next week. Stocks for the product in Tangshan were at 240,000 tonnes on Friday, down by 10,000 tonnes from a week before, according to a billet trader in Tangshan who quoted a local industry information provider. There were no reported export offers for billet last week but based on the domestic price, market participants estimate billet prices could be $510-515 per tonne fob, considering Q235 150mm material. Southeast Asia Prices remained unchanged in Southeast Asia in...