China: Billet prices stable as weaker rebar futures pressure sentiment

• Firm raw material costs support billet prices
  
  
• Rebar futures fall on slow demand, selling pressure
  
  

Chinese billet prices remained stable d-o-d at RMB 3,100/t ($456/t) on 8 May, supported by firm raw material costs and limited selling pressure from Chinese mills. Meanwhile, billet export prices were heard at around $482/t FOB China, down by $2/t, with export offers remaining largely firm despite softer futures sentiment.

However, rebar futures decreased by RMB 12/t ($8/t) to RMB 3,188/t ($469/t) as steel futures weakened after recent gains, while rising selling pressure and slower rebar demand weighed on market sentiment. Export activity remained largely stable, with bids continuing from overseas buyers despite cautious trading conditions.