Shanghai(ScrapMonster): China's spot steel prices continued to descend on Thursday May 30 on poor sentiment amid a weak billet market.
In Beijing, grade III rebar traded at 3,520-3,590 yuan ($569-580) per tonne, down 20 yuan ($3) per tonne from Wednesday. In Shanghai, the same product was sold at 3,230-3,310 ($522-535) yuan per tonne, also down 20 yuan ($3) per tonne for the day.
The price of billet in Tangshan accelerated its decline since last weekend, which hurt market confidence and slowed down trade in the semi-finished product. It was traded at 2,930 yuan ($474) per tonne on Thursday, down 10 yuan ($2) per tonne from Wednesday
Courtesy : metalbulletin.com
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