In China's domestic market, billet prices started 2024 at USD 514. In the second week of the 2024 January period, billet prices showed a gradual upward trend; starting from 8 January, they showed a downward trend.
The lowest price in January was recorded as USD 496 on 22 January. After fluctuating until the end of the month, billet prices closed January at 505 USD.
As of early February, it was rumoured that the Chinese government might ban exports of semi-finished products after billet sales from China to other countries increased due to the weakness in the local market. Although this information was not confirmed by the official authorities, it was discussed by many small and large-scale traders. It was reported that up to 100,000 metric tonnes of billet were sold from China to Asian buyers.
Billet prices hovered in the $490-500 range on average throughout February, ending the month at $490 USD.
Looking at the current situation in March, prices fell to USD 489 in the first week of March. This decline is still continuing gradually. On 11 March, the last price announced continued its downward trend and was 479 USD.
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