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    Overseas

    February 6, 2018

    Chinese Preparing for New Year Holiday, New Banking Regulations

    Written by John Packard

    The Chinese government is changing the accounting procedures at both banks and the companies they loan money to, saying there can no longer be two sets of books.

    Steel Market Update has learned from one of our trading sources inside of China that the latest hot rolled price, Ex-Works (FOB Mill) for ASTM A36 in 2.75 mm thickness (.1008”), is being priced at $520-$530 per metric ton ($472 per net ton). Billet prices are being quoted at the same levels, only FOB Stowed for simple SS400 or Q235 Grades. However, the Chinese mills do not want to sell billets right now as they can sell wire rod or rebar at higher margins than billets.

    John Packard

    Read more from John Packard

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    Price on Trade: Steel’s zero-sum game

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