China billet and rebar prices stay firm as raw material costs increase

• Tighter supply-demand balance limits selling pressure
• Fifth round of coke price hike adds cost pressure on mills

Chinese billet prices rose by RMB 10/t ($2/t) d-o-d to RMB 3,010/t ($449/t) on 21 September, supported by firm raw-material costs, a gradual decline in social inventories and limited selling pressure.

SHFE rebar futures increased by RMB 41/t ($6/t) to RMB 3,117/t ($465/t) amid a balanced market and firmer steel prices.

Meanwhile, billet export offers remained unchanged at $463/t FOB, as rising freight costs and higher mill base prices supported export levels.