China: Billet prices edge up despite slow demand recovery

• Policy support, Tangshan steel output cuts lift sentiment
  
  
• Cautious buying interest weighs on SHFE rebar futures
  
  

Chinese billet prices rose by RMB 10/t ($1/t) d-o-d to RMB 2,920/t ($423/t) on 5 March, supported by improved sentiment after China set a 4.5-5% GDP growth target and as Tangshan steel output cuts tightened supply. Firm raw material prices also supported the market despite a slow demand recovery.

Meanwhile, SHFE rebar futures edged up by a minor RMB 1/t d-o-d to RMB 3,075/t ($446/t), as stable export offers and cautious market sentiment kept movements limited.