China: Billet prices hold stable while rebar futures dip on weak demand outlook

• Improved logistics supporting smoother trade flows
• Weak downstream demand limiting price upside

Chinese billet prices held steady d-o-d at RMB 2,980/t ($431/t) on 26 March, while SHFE rebar futures edged down by RMB 4/t ($1/t) to RMB 3,128/t ($452/t).

Chinese billet prices remained stable as the domestic steel market stayed broadly balanced, with falling social inventories and a slight increase in mill output helping maintain price stability. At the same time, firm raw material costs, including higher iron ore and coke prices, continued to provide support.

However, SHFE rebar futures edged lower due to persistently slow downstream demand and an uncertain global outlook, which weighed on market sentiment despite stable export activity and improving logistics.