China: Billet prices remain stable as slow demand recovery offsets firm raw material costs

• Lantern Festival ends, demand recovery awaited
  
  
• SHFE rebar futures steady amid cautious sentiment
  
  

Chinese billet prices were unchanged d-o-d at RMB 2,910/tonne (t) ($422/t) on 3 March 2026, as post-Lunar New Year demand recovery remained gradual, even after the Lantern Festival. Daily rebar trades stayed below 50,000 t, while rising social inventories capped spot momentum. Mills started increasing production, giving rise to concerns about supply pressures. However, stable export offers and firm raw material costs, driven by lower iron ore arrivals and expectations of higher coke prices, helped balance the market.

Meanwhile, SHFE rebar futures remained flat d-o-d at RMB 3,074/t ($445/t), as the market assessed war-related freight risks and awaited outcomes from March's key policy meetings. Firm port-side raw material sentiment and steady export base prices limited downside, though weak domestic consumption kept gains in check.