China: Billet prices rise amid stronger iron ore futures, firm steel sentiment

Chinese billet prices increased by RMB 20/t ($3/t) d-o-d to RMB 3,120/t ($459/t) on 11 May, while rebar futures also rose by RMB 19/t ($3/t) to RMB 3,207/t ($472/t), supported by firmer iron ore and coke prices, positive domestic demand sentiment, and stronger export offers from major mills. Meanwhile, billet export offers from China were heard at around $485/t FOB, with a weaker dollar against the RMB and Baosteel's June base price hike further supporting bullish market sentiment.