China: Weak demand, high inventories weigh on billet prices

• Chinese billet prices declined by RMB 20/t ($3/t) d-o-d to RMB 2,930/t ($421/t) on 20 Jan'26, pressured by softer downstream demand, expectations of steel output cuts, and rising port stocks limiting mill purchases.
• SHFE rebar futures eased by RMB 27/t ($4/t) to RMB 3,090/t ($444/t), weighed down by reduced blast furnace operations and high pre-Lunar New Year inventories.