China: Billet prices slip, SHFE rebar falls on weak sentiment and softer costs

• Chinese billet prices fell by RMB 20/t ($3/t) to RMB 2,910/t ($419/t) on 6 Feb 2026, while SHFE rebar futures declined by RMB 26/t ($4/t) to RMB 3,069/t ($442/t).
• Sentiment weakened amid pre-holiday caution, buyer resistance, and thin liquidity, exerting downward pressure on both billet and rebar futures.
• Decline in iron ore prices eroded cost support, weighing on spot billet values and limiting futures momentum amid cautious trading.