China: Billet prices ease as supply rises, cost support strengthens

• Domestic market stable as supply rises, demand improves slightly
• Export market firm amid rising freight, limited supply options

Chinese billet prices fell by RMB 10/t ($1) d-o-d to RMB 2,960/t ($430/t) on 20 March, as higher liquid iron output increased supply. Lower inventories supported slight demand improvement, while firmer iron ore and coke prices provided cost support.

Meanwhile, SHFE rebar futures declined by RMB 12/t ($2) d-o-d to RMB 3,147/t ($457/t). Export sentiment remained firm with Turkiye deals and Middle East demand, while rising freight and limited global supply supported prices.