China: Billet, rebar futures weaken as softer raw materials pressure sentiment

• Iron ore port prices fall on weak demand
• Mills maintain firm billet export offers

Chinese billet prices decreased by RMB 20/t ($3/t) d-o-d to RMB 3,100/t ($456/t) on 12 May, while rebar futures also declined by RMB 27/t ($4/t) to RMB 3,180/t ($468/t) amid weaker steel futures, softer physical market sentiment, and declining raw material prices.

Iron ore port prices fell by RMB 5-10/t ($1-2/t) due to weaker demand, while coking coal prices also declined sharply, pressuring overall market sentiment. Meanwhile, billet export offers from China were heard at around $488/t FOB, as mills largely maintained firm export offers despite softer domestic market conditions.