China: Billet holds steady on mild cost support, SHFE rebar softens on weak sentiment

• Chinese billet prices remained steady at RMB 2,930/t ($422/t) on 5 Feb 2026, while SHFE rebar futures edged down slightly by RMB 2/t ($0.3/t) to RMB 3,095/t ($446/t)
• Billet prices reflected subdued pre-holiday restocking demand, keeping physical market activity muted despite slight support from iron ore.
• SHFE rebar futures edged lower due to soft downstream sentiment and thin liquidity, constraining price momentum amid cautious trading.