- Export billet offers reduced to attract buyers
- Hormuz ceasefire hopes support commodity markets
Chinese billet prices increased by RMB 10/t ($2/t) d-o-d to RMB 2,930/t ($434/t) on 5 August, while SHFE rebar futures rose by RMB 14/t ($2/t) to RMB 2,990/t ($443/t), supported by improved market sentiment following renewed hopes of a ceasefire around the Strait of Hormuz, speculative buying at current low price levels, and tighter coke supply after a third round of coke price cuts.
Meanwhile, Chinese billet export offers declined by $4/t d-o-d to around $450/t FOB as exporters continued to adjust prices to attract overseas buyers despite the modest recovery in the domestic market.
Leave a Reply