China: Billet prices rise on improved sentiment; rebar futures edge up

• Billet export offers rise, mills' base prices increase
  
  
• Firm raw material costs, tight port supply lend support
  
  

Chinese billet prices rose by RMB 10/t ($1/t) to RMB 3,030/t ($443/t) on 29 April, while SHFE rebar futures edged up by RMB 3/t (less than $1/t) to RMB 3,152/t ($461/t).

The increase in billet prices was supported by improved market sentiment following a recovery from the previous day's losses, along with firm raw material costs and tight availability at ports. Higher export offers and a rise in mills' base prices also lent support, with current billet export prices heard at around $480/t FOB China.

Meanwhile, the slight uptick in SHFE rebar futures was driven by balanced market conditions, steady trading volumes, and low mill inventories, though gains remained limited due to slow demand and ongoing global uncertainty.