China: Billet price slips as weak demand and margin pressure weigh on mills

• Chinese billet prices slipped by RMB 10/t ($1/t) to RMB 2,970/t ($418/t), while SHFE Jan'26 rebar futures fell by RMB 31/t ($4/t) to RMB 3,059/t ($430/t).
• The market remains directionless, with weak demand, steady billet indices, mixed raw material trends, and limited export interest.
• Mills show little intent to cut output, keeping sentiment cautious as winter stocking and export cues become key drivers.