- Coke prices surge, support steel production costs
- Chinese billet export offers heard at $472/t
Chinese billet prices increased by RMB 20/t ($3/t) to RMB 3,030/t ($448/t), while SHFE rebar futures rose by RMB 47/t ($7/t) to RMB 3,195/t ($472/t), supported by higher coke prices, firm iron ore values, and supply-side concerns following stricter safety inspections.
Meanwhile, Chinese billet export offers were heard at around $472/t FOB, with expectations of higher export offers from leading mills further improving market sentiment, although downstream demand remained relatively weak.
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