China: Billet, rebar prices ease on rising inventories, weak demand

• Export offers remain steady despite weak sentiment
• Coke prices decline on output cut expectations

Chinese billet prices declined by RMB 20/t ($3/t) d-o-d to RMB 2,930/t ($433/t) on 30 July, while SHFE rebar futures fell by RMB 48/t ($7/t) to RMB 3,014/t ($446/t). Chinese billet export offers remained stable at around $458/t FOB despite weaker domestic sentiment.

The domestic market came under pressure from weak downstream steel demand, rising social inventories, and softer raw material prices. Mills reduced spot billet prices by RMB 10-30/t amid limited transactions, while iron ore futures hit a one-year low and coke prices also weakened on expectations of production cuts. Export activity remained sluggish at month-end, with most mills maintaining FOB offers despite lower tradable values in an effort to preserve pricing.