China: Billet prices rise on firm raw material costs amid geopolitical tension

• Strong raw material costs and speculative buying lift prices
• Middle East tensions disrupt freight and export sentiment

Chinese billet prices increased by RMB 30/t ($4/t) d-o-d to RMB 2,960/t ($428/t) on 9 March, supported by firm raw material costs including iron ore and coking coal, along with improved domestic sentiment and speculative buying. Baosteel also raised its April benchmark prices by RMB 200/t ($29/t).

Meanwhile, SHFE rebar futures rose by RMB 31/t ($4/t) d-o-d to RMB 3,119/t ($451/t). However, escalating Middle East tensions pushed up oil and freight costs, disrupting global supply chains and prompting Chinese mills to lift export offers by $3-10/t.