Chinese rebar and billet prices slumped on May 24 amid expectations of low rebar consumption, traders said.

          The October rebar futures contract on the Shanghai Futures Exchange closed at Yuan 3,466/mt ($495/mt), down Yuan 122/mt on the day.

          Major Chinese mills offered rebar at $560/mt FOB China in theoretical weight, which was down $10 from earlier this week.

          However, tier 1 rebar exporters were also heard offering rebars to buyers at $565/mt CFR Singapore in theoretical weight.

          Platts assessed the 16-32 mm BS4449 Grade 500 rebar down $5/mt day on day at $555/mt CFR Southeast Asia, and the Chinese export 16-20 mm diameter BS500B grade rebar was down $7/mt at $548/mt FOB China.

          The domestic Beijing HRB400 18-25 mm rebar spot price was assessed at Yuan 3,610/mt ex-stock, down Yuan 40 day on day, including 13% value added tax.

          Hangzhou rebar is currently at a Yuan 140 discount to Beijing rebars. The spread of price from the two regions widened Yuan 40 day on day.

          In billets, the open origin 5SP 130 mm billets were heard offered at $515/mt CFR Thailand. The deal was heard concluded last week for 5SP 130 mm billet at $520/mt CFR Manila. Chinese 3SP offers were at $500/mt FOB China.

          Platts assessed the price of 5SP 130 mm billet on a CFR Southeast Asia basis down $6/mt on the day at $512/mt. The China import 3SP 150 mm spot billet was also down $13/mt at $416/mt CFR China.

          Chinese domestic billet was down Yuan 80/mt at Yuan 3,330/ mt on a Tangshan ex-stock basis for Q235 billet material.

          “The industrial sector is not performing well now as the market is expecting an even worse PPI in May and the property market will not get any better,” said an east China trader, adding that “currently no good news is bad news.”

---- S&P Global Commodity Insights.