China: Billet prices steady as demand improves but sentiment mixed

• Stronger consumption drives inventory decline
  
  
• Export activity improves as mills shift focus locally
  
  

Chinese billet prices remained unchanged d-o-d at RMB 3,020/t ($442/t) on 23 April, as improved domestic consumption in April led to faster inventory drawdown, although overall market sentiment remained mixed. Mills are likely to increase output soon, while raw material prices stayed largely stable ahead of May holiday stocking.

Meanwhile, SHFE rebar futures declined by RMB 7/t ($1/t) d-o-d to RMB 3,131/t ($458/t). Export market conditions improved, with easier deal closures, although mills reduced export allocations to prioritize domestic demand amid ongoing recovery.