- Buyers show caution amid rapidly rising offers
- Rebar futures edge up after holiday reopening
Chinese billet prices increased by RMB 10/t ($7/t) to RMB 3,100/t ($454/t) on 7 May, while rebar futures edged up by RMB 2/t to RMB 3,200/t ($469/t), supported by positive market sentiment and improved post-holiday demand. Physical steel sales remained strong as traders reduced inventories, while stable mill output and slightly improved margins supported local prices.
Meanwhile, billet export prices were heard at around $485/t FOB China, up by $5/t d-o-d, as buyers showed hesitation amid rapidly rising offers and widening export price gaps. Raw material costs also remained firm, with iron ore hovering near $110/t CFR China.
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