- Weak coke market indicated oversupply concerns persist
- Ex-mill steel prices stayed mostly unchanged domestically
Chinese billet prices remained stable at RMB 3,060/t ($450/t) on 19 May, while rebar futures softened slightly by RMB 5/t ($1/t) to RMB 3,155/t ($464/t), amid sluggish domestic trading activity and generally unchanged ex-mill pricing. Weak downstream demand, lower iron ore prices, and soft coke sentiment continued to weigh on market confidence, although better mill margins and firm flat steel prices provided some support.
Meanwhile, billet export offers from China were heard around $490/t FOB, while leading mills maintained HRC offers near $525/t FOB. Market participants noted that high Chinese steel supply continues to reshape global trade flows toward Southeast Asia, the Middle East, and other key destinations.
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