- Falling coke prices weigh on steel market sentiment
- Lack of fresh demand drivers pressures market
Chinese billet prices fell by RMB 10/t ($1/t) d-o-d to RMB 2,980/t ($439/t), while SHFE rebar futures slipped by RMB 5/t ($1/t) to RMB 3,158/t ($465/t) on 23 June 2026, pressured by a broader decline across China’s commodity markets. Weaker raw material prices, particularly the sharp fall in coke prices, coupled with aggressive long-position liquidation, weighed on market sentiment.
The absence of strong supply-demand drivers kept the steel market under slight pressure, prompting slight downward adjustments in local prices. Export sentiment also softened, with Chinese billet export offers heard around $465-466/t FOB and HRC export offers falling below $510/t FOB, reinforcing cautious market expectations and adding pressure to domestic steel prices.
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