China: Billet prices decline as pre-holiday restocking slows

• Falling social inventories limit downside
• Export offers edge down by $1/t d-o-d

Chinese billet prices decreased by RMB 10/t ($2/t) d-o-d to RMB 3,000/t ($447/t) on 24 September, as buying appetite softened ahead of the week-long National Day holiday. However, falling social inventories and relatively better rebar performance compared with flat steel limited the downside.

SHFE rebar futures rose by RMB 1/t to RMB 3,118/t ($465/t), while billet export offers edged down by $1/t to $462/t FOB. Export prices remained broadly stable, although rising costs and congestion continued to create uncertainty for sellers.