China: Billet, rebar prices decline as market stays subdued

• Soft export demand limits price recovery
  
  
• Rising steel inventories pressure sentiment
  
  

Chinese billet prices declined by RMB 10/t ($1/t) d-o-d to RMB 2,970/t ($437/t), while SHFE rebar futures fell by RMB 14/t ($2/t) to RMB 3,144/t ($462/t) on 26 June 2026. Chinese billet export offers also eased by $2/t to around $463/t FOB, reflecting subdued overseas demand. The market remained under pressure due to softer domestic steel prices, weakening cost support, and rising social steel inventories during the seasonal summer slowdown. A stronger US dollar and weaker global commodity markets further dampened sentiment, despite relatively firm iron ore demand and tight coke supply.