China: Billet prices decline as weak steel demand pressures sentiment

• Billet export offers decline amid weaker demand
  
  
• Downstream steel activity remains slow across China
  
  

Chinese billet prices declined by RMB 10/t ($1/t) to RMB 3,040/t ($447/t) on 22 May, while rebar futures edged lower by RMB 4/t ($1/t) to RMB 3,145/t ($463/t). Market participants attributed the decline to sluggish finished steel demand, weaker flat steel prices, and cautious buying sentiment amid slow downstream activity.

Softer domestic steel prices and growing concerns over rising supply also continued pressuring market sentiment. Meanwhile, billet export offers from China also declined and were heard around $476/t FOB