China: Billet eases, SHFE rebar slips on pre-holiday weakness

• Chinese billet prices slipped by RMB 10/t ($1/t) to RMB 2,900/t ($420/t) on 10 February 2026, while SHFE rebar futures declined by RMB 26/t ($4/t) to RMB 3,034/t ($439/t).
• Pre-holiday slowdown curbed spot activity, with mills cutting operations, traders reducing positions, and limited physical sales, pressuring billet prices and futures.
• Completed raw material stocking, reduced port deliveries, and weaker futures sentiment weighed on rebar prices.