China: Billet prices stable amid firmer export sentiment, steady demand

• Mills maintain base prices after May holidays
• Rebar futures rise on improved market sentiment

Chinese billet prices remained stable d-o-d at RMB 3,100/t ($456/t) on 13 May, while rebar futures increased by RMB 3/t ($0.44/t) to RMB 3,183/t ($469/t), supported by stable post-holiday demand, balanced social inventories, and firmer export sentiment.

Mills maintained base prices amid rising raw material costs and tighter supply, while billet export offers from China were heard at around $488/t FOB. Improved coated steel trade activity and steady export offers also supported overall market sentiment.