China: Billet prices down $3/t d-o-d; finished steel faces inventory pressure

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Billet prices in Tangshan fell by RMB 20/t ($3/t) to RMB 3,040/t ($428/t), while SHFE Jan’26 rebar slipped by RMB 21/t ($3/t) to RMB 3,147/t ($443/t).
The 0.25% Fed rate cut met expectations, prompting mild reactions. Soft demand and high inventories weigh on Chinese steel, though cost support limits sharp declines.
Macroeconomic conditions and the bulk commodity market remain stable.

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