China: Billet prices remain steady d-o-d as firm raw material costs offset weak demand

• Positive policy expectations support market sentiment
• SHFE rebar prices fall $4/t as market remains quiet

Chinese billet prices were unchanged d-o-d at RMB 2,910/t ($424/t) on 27 February 2026, as positive policy expectations ahead of March’s Two Sessions and firm raw material costs balanced muted physical demand. Tight local allocation and steady billet offers also helped stabilise spot prices despite limited transactions.

Meanwhile, SHFE rebar futures fell by RMB 6/t ($1/t) d-o-d to RMB 3,074/t ($448/t), as gains from earlier price negotiations faded and the physical market remained quiet. Although steel export sentiment improved — with leading mills lifting HRC offers to $485-490/t FOB — domestic demand recovery remained slow, capping futures upside.

Raw material prices stayed firm, with iron ore and coke supported by better port demand, preventing sharper downside in finished steel prices.