- Stable raw material prices support steel market
- Better consumption trends keep spot market stable
Chinese billet prices remained stable d-o-d at RMB 3,100/t ($457/t) on 14 May, while rebar futures declined by RMB 2/t ($0.29/t) to RMB 3,181/t ($469/t), amid mixed market sentiment and softer paper trading activity.
Improved inventory data and better consumption trends supported spot market stability, while stable raw material prices and firm HRC base offers also supported sentiment. Meanwhile, billet export offers from China were heard at around $485/t FOB, although overall export prices remained largely unchanged.
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