- Rising inventories continue to pressure domestic market
- Billet export offers remain stable due to steady demand
Chinese billet prices increased by RMB 10/t ($1/t) d-o-d to RMB 2,940/t ($436/t) on 6 August, while SHFE rebar futures gained RMB 24/t ($4/t) to RMB 3,014/t ($447/t), supported by higher raw material costs, particularly stronger iron ore and coke prices.
Despite persistently weak domestic steel demand and rising social inventories, improved local sentiment and cost support helped lift prices. Meanwhile, Chinese billet export offers remained stable at around $450/t FOB, with suppliers maintaining firm offers as export demand stayed steady and bids from some suppliers improved by around $5/t.
Leave a Reply