- SHFE rebar futures weaken, weighing on billet sentiment
- Raw material costs offer support, coke may see further hike
Chinese billet prices declined by RMB 10/t ($1/t) d-o-d to RMB 3,030/t ($448/t) on 16 June, while SHFE rebar futures also weakened, settling at RMB 3,189/t ($472/t). Market sentiment remained soft amid sluggish export activity and limited demand-side support, while mills’ pricing and supply were stable. Raw material costs offered support, with iron ore above $100/dmt and coke prices expected to rise for an eighth consecutive round. Chinese billet export offers were heard at around $470/t FOB, while lower steel export prices and cautious buying interest continued to weigh on the market despite firm raw material costs.
Leave a Reply