China: Billet, rebar prices decline amid weak demand, rising inventories

• Weak export market pressures billet offers
  
  
• Iron ore weakness adds downward price pressure
  
  

Chinese billet prices declined by RMB 10/t ($3/t) d-o-d to RMB 3,020/t ($448/t) on 4 June, while SHFE rebar futures fell by RMB 18/t ($7/t) to RMB 3,177/t ($472/t), amid seasonally weak demand, rising inventories, subdued trading activity, and continued pressure from a sluggish export market. Meanwhile, Chinese billet export offers were heard at around $475/t FOB, although export activity remained limited as sellers continued to chase bids in a weak market environment.