- Rising raw material costs lift production expenses
- Steel futures touch 2026 peak levels
Chinese billet prices increased by RMB 10/t to RMB 3,040/t on 30 April, while rebar futures rose by RMB 11/t to RMB 3,163/t, supported by a positive PMI reading of 50, which boosted market confidence. Domestic steel futures reached a 2026 peak, while declining inventories and slight production cuts tightened supply.
Local steel prices increased by RMB 10-15/t, and stronger raw material costs further supported price gains. Export sentiment also remained firm, with billet export prices heard at around $480/t FOB China, while export offers for steel products increased by $2-3/t amid fresh HRC and long steel deals. Mills also rebuilt raw material inventories, reflecting stronger sentiment despite holiday caution.
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