- Falling oil prices pressure raw material costs
- Stable spot market limits billet price movement
Chinese billet prices remained stable d-o-d at RMB 2,980/t ($436/t) on 8 April, supported by steady spot market conditions and improved rebar trading volumes of around 100,000 t. A stronger RMB against the US dollar and firm export sentiment helped maintain market balance, with most mills holding offers unchanged.
However, upside remained limited due to easing cost pressures, as falling oil prices and softer raw material trends weighed on sentiment. SHFE rebar futures slipped slightly to RMB 3,088/t ($452/t), reflecting cautious market expectations and uncertainty over the sustainability of demand recovery despite improved macro conditions.
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