- Sluggish domestic demand weighs on prices
- Softer iron ore prices pressure raw materials
Chinese billet prices declined by RMB 10/t ($2/t) d-o-d to RMB 2,950/t ($441/t), while SHFE rebar futures rose by RMB 16/t ($2/t) to RMB 3,073/t ($459/t). Meanwhile, billet export offers increased by $1/t d-o-d to $461/t FOB.
Sluggish domestic steel consumption and weak demand continued to weigh on prices, despite steel exports remaining above 10 mnt in September. Export offers remained largely stable, while leading mills kept base prices unchanged.
Declining iron ore prices and elevated port inventories added pressure to raw material sentiment, while government supervision of coke supplies aimed to ensure availability. Meanwhile, persistent CRC oversupply pushed the CRC-HRC price spread to its lowest level in seven years. Overall, domestic market weakness continued to weigh on prices, while stable export demand provided some support.
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