- Stable demand-supply balance supports domestic steel prices
- Export market steady despite ongoing freight pressures
Chinese billet prices increased by RMB 10/t ($1/t) d-o-d to RMB 2,980/t ($433/t) on 17 March, supported by balanced demand and supply conditions as the market gradually approaches the seasonal spring restocking phase. Raw materials remained firm, with iron ore prices nearing $110/t for 62% Fe, while coke inventories at ports declined slightly.
Meanwhile, SHFE rebar futures rose by RMB 8/t ($1/t) d-o-d to RMB 3,148/t ($457/t). Export market conditions remained largely unchanged, with leading mills keeping base prices stable, although freight costs continued to challenge exporters despite slightly improved freight offers.
Market participants said export conditions remained largely unchanged. Mills kept base offers stable, while exporters continued to face pressure from elevated freight costs and subdued demand from the Middle East.
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