China: Billet prices steady while rebar edges lower as long holiday begins

• Balanced sentiment ahead of holiday period
• Stable exports amid weak domestic trend

Chinese billet prices remained unchanged d-o-d at RMB 2,980/t ($433/t) on 3 April, as market sentiment stayed balanced on account of the three-day holiday. Improved mill profitability (~50%) supported higher blast furnace utilisation and firm iron ore demand, although overall steel demand remained moderate with a slightly weak market trend. Raw material prices saw minor corrections, with iron ore declining RMB 2–5/t at ports.

Meanwhile, SHFE rebar futures declined by RMB 9/t ($1/t) d-o-d to RMB 3,097/t ($450/t). Export market conditions remained stable, with most mills keeping base prices unchanged, while global uncertainties and elevated oil costs continued to weigh on broader market sentiment.