China: Billet prices stable, rebar dips on weak demand and steady supply

• Post-holiday market activity remains largely unchanged
• Raw material stability supporting overall price levels

Chinese billet prices remained stable d-o-d at RMB 2,980/t ($434/t) on 7 April, while SHFE rebar futures edged down by RMB 6/t ($1/t) to RMB 3,091/t ($451/t), as the market lacked strong direction after the short holiday. Steel output declined marginally toward end-March, but demand also remained slow, keeping prices range-bound.

The absence of positive signals for April and neutral stocking activity further limited price movement. While export activity continued steadily with HRC offers around $500/t FOB, uncertainty capped momentum.

Meanwhile, stable raw material indices, including iron ore around $107/t and low coke port stocks, also contributed to the overall stable yet subdued market trend.