China: Billet prices remain steady d-o-d despite soft steel market

• Chinese billet prices held steady d-o-d at RMB 2,940/t ($413/t), while SHFE Jan'26 rebar inched down by RMB 7/t ($1/t) to RMB 3,030/t ($426/t).
• The Chinese steel market stayed soft with limited movement. Steel exports reached 97 mnt in Jan-Oct, though Oct volumes fell 12% y-o-y -- the first dip in two years. Mills trimmed output amidweak demand, while raw material inventories remained high.