Vietnam's BF grade billet export proposal was $495 per FOB, down $5/t due to sluggish demand in the domestic market.
Import billet prices in Thailand are declining by $15/t weekly from $520/t CFR. Weakness in local demand due to the onset of the monsoon and falling prices of finished long products continue to weigh on billet import prices.
Steel billet prices in Tangshan, China reached RMB 3,630/t ($538/t) inclusive of 13% VAT on July 29, up 80 RMB/t ($12/t) from the previous week.
Spot prices recovered after several factories resumed operation and rebar futures surged on hopes of economic recovery in China.
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