- Firm raw material costs support steel price stability
- Export offers unchanged with selective buying interest
Chinese billet prices remained stable d-o-d at RMB 2,990/t ($434/t) on 24 March, while SHFE rebar futures declined by RMB 9/t ($1/t) to RMB 3,145/t ($456/t).
Chinese billet prices remained stable as domestic steel prices held firm despite modest demand improvement, supported by a positive seasonal outlook and strong raw material costs, with iron ore hitting a three-month high and port inventories declining. Mills also maintained stable export offers, while some buying interest emerged in select markets.
However, SHFE rebar futures declined due to expectations of increased supply from long-process mills, mixed sentiment from easing oil prices, and limited speculative activity in the physical market.
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