China: Billet prices slip post-holiday, SHFE rebar eases amid tightening margins

• Steel margins tighten, dampening buying sentiment
• Billet prices fall after holiday resumption

Chinese billet prices fell by RMB 20/t ($3/t) d-o-d to RMB 2,880/t on 24 Feb 2026, while SHFE rebar futures slipped by RMB 6/t ($1/t) to RMB 3,053/t. The decline followed post-holiday market resumption, as mills gradually restarted operations, pressuring finished steel prices. Tightening steel margins dampened buying sentiment despite firm iron ore demand. Although raw material costs remained stable, weaker finished steel demand limited price support, resulting in slight corrections in both billet and rebar markets.