China: Billet and rebar futures climb amid rising raw materials and policy support

• Raw material prices move up alongside steel
• Better export bids gradually being accepted

Chinese billet prices increased by RMB 30/t ($4/t) d-o-d to RMB 2,910/t ($424/t) on 25 February 2026. Meanwhile, SHFE rebar futures also strengthened, rising by RMB 35/t ($5/t) to RMB 3,088/t ($450/t).

Post-holiday export demand picked up with better bids being accepted, while rising raw material costs, especially coke, added cost support and strengthened the overall market rebound. Improved housing policies in Shanghai and expectations of mid-March production controls lifted market sentiment, supporting both billet and futures prices.