China: Billet prices rise on stronger demand, supply concerns

• Coke trends remain firm with rising inventories
• Export sentiment strengthens with higher mill offers

Chinese billet prices increased by RMB 20/t ($3/t) d-o-d to RMB 2,980/t ($431/t) on 30 March, supported by improved market sentiment amid supply uncertainties and rising steel prices. Rebar demand increased by 8% m-o-m, while HRC prices rose by RMB 10-20/t ($1-3/t) across regions. Lower iron ore supply and firm coke trends further supported costs, while export sentiment strengthened with higher offers from leading mills.

Meanwhile, SHFE rebar futures rose by RMB 15/t ($2/t) d-o-d to RMB 3,139/t ($454/t), supported by improved demand outlook and stronger raw material trends.