[Iran] A large steel mill successfully sold 30,000 tonnes of 3SP and 5SP steel billets via a tender at 415 USD/tonne FOB Bandar Abbas. Another manufacturer completed an export order for 30,000 tonnes of billets at 420 USD/tonne FOB Bandar Imam Khomeini, and plans to deliver in July. With the overall decline in ocean freight rates and insurance costs, various parties in the Iranian market are actively preparing to resume exports to traditional bulk destinations such as Southeast Asia and Africa, seeking to regain market share by leveraging logistics cost advantages. However, as of now, no recent confirmed orders to the Asian region have been recorded."

[Steel Billet] Today, export billet quotations were in the doldrums, with negotiable prices at $465-467/mt. Recently, the yuan has depreciated against the dollar, leading to a slight improvement in export advantage. Inquiries from outside China increased, but actual transactions remained moderate. Market rumors suggest steel billet orders have improved, with some cargoes flowing to domestic trade or exporter short-covering, while actual overseas demand still awaits the return of China's export price advantage. [Rebar] Affected by the exchange rate depreciation, export quotations for rebar edged down $2/mt today, with negotiable prices at $484-486/mt. According to feedback from market traders, inquiries from outside China increased slightly recently, but actual transactions remained moderate. At present, quotations from steel mills in South China continue to hold at high levels, with weak transactions. [Sheets & Plates] Affected by the afternoon plunge in Chinese futures, export prices for HRC and other sheets & plates edged down slightly on a day-on-day basis today, with HRC transaction prices at $491-500/mt. In recent days, market rumors have suggested that export orders are improving. According to SMM's verification, flows to the Middle East, although shipping has become somewhat smoother, still face high freight rates, and most clients expressed the need to wait and see; however, orders for sheets & plates and billets destined for Turkey have increased noticeably recently. It is understood that this may be due to fewer arrivals of other resources, leading to procurement shifting to China.

South Africa-based GeT Metal Group and its subsidiary GeT Alloys have launched a waste-to-energy project that converts end-of-life tyres into industrial fuel for aluminium recycling operations. The initiative is designed to process around 150,000 waste tyres annually and produce approximately 1.44 million litres of fuel, fully replacing the company’s annual heavy fuel oil consumption used in aluminium melting. GeT estimates the project will reduce heavy fuel oil use by 1.44 million litres per year and cut carbon dioxide emissions by around 720 tonnes. The programme will also divert nearly 12,500 waste tyres per month from landfills and illegal dumping sites. GeT Alloys recycles around 350 million used beverage cans, packaging materials and post-consumer aluminium scrap annually into aluminium ingots. Carbon black generated during tyre processing will be used in aluminium dross recovery, while recovered steel wire will be recycled into steel billets, creating a circular economy model across both aluminium and steel value chains.

[SMM Analysis] Overseas HRC prices Declined More Than Chinese Prices; Overall Procurement Demand Continued to Weaken Passive Contraction in China–Foreign HRC Price Spreads and Blocked Export Channels Price spread models showed entirely diverging trends. Steel billet price spreads were relatively stable, while HRC spreads continued to contract. The China–India HRC spread, after a streak of declines in mid-June, recently plunged to -36, an all-time low in the table. This figure was not only far above the quarterly average of -65, but also well below the current monthly average of -49. The root cause is not a sharp slide in Chinese export prices, but rather extremely weak Indian domestic demand. To defend their domestic market share and digest surplus production, local steel mills in India adopted a highly aggressive "defensive price-slashing" strategy. Meanwhile, given the domestic supply-demand pattern of strong supply and weak demand, there is still room for further downside in Indian domestic steel prices in the near term, and the China–India spread will hover at lows. Data source: SMM Monsoon Rains Suppressed Downstream Demand; Indian Steel Market Was in the Doldrums Weighed down by the traditional demand off-season due to the monsoon rainy season and generally very cautious purchasing attitudes among buyers, Indian long steel prices remained under pressure last week. Rebar EXW prices dropped notably to around $630/mt EXW, hitting the lowest level since May. In contrast, Raipur billet showed slightly more resilience, with prices edging up about $2/mt to around $453/mt EXW. This was mainly supported by a boost from earlier transactions and short-term support from buoyant sentiment in surrounding markets, though current spot procurement remained cautious and restrained. Notably, Chhattisgarh has planned to raise electricity prices, which is expected to push up the production cost of electric furnace billet by about $3–4/mt starting in July, providing some cost support. Overall, the Indian steel market will continue to face a mix of weak demand and cost support in the near term, and prices are expected to remain on a weak fluctuating trend. Off-Season Suppressed Rigid Demand and Shipping Disrupted: Southeast Asian Steel Market Stayed in the Doldrums Short-Term Due to seasonal factors, construction activity rates in core Southeast Asian countries such as Vietnam, the Philippines, Indonesia, and Thailand have recently been low, directly limiting the release of rigid demand for long products like rebar and wire rod. Currently, major local mills' rebar EXW prices in Southeast Asia were generally weak, ranging between $520–535/mt EXW. Meanwhile, due to persistently subdued sentiment in end-user buying, destocking in the market remained relatively slow. Facing the current weak market, most buyers chose to wait and see, with purchasing strategies mostly centered on "purchasing as needed and buying just enough for immediate use." Additionally, stimulated by progress in US–Iran negotiations and news that the Strait of Hormuz may reopen, buyers in the Southeast Asian market grew more expectant of a pullback in ocean freight rates. Driven by the desire to "rush to buy amid continuous price rise and hold back amid price downturn," this expectation further amplified the market's bearish and wait-and-see sentiment. Still, the actual easing of shipping pressures stemming from geopolitical issues will take some time, and international freight rates are expected to remain mainly high and volatile in the short term. New Quotas Taking Effect on 1 July Prompted Full Buyer Wait-and-See; European HRC Trading Mediocre, Import Offers Weakened MoM Last week, the overall European steel market was relatively mediocre, with sellers and buyers locked in deep standoffs ahead of the policy window period, and both spot and import markets were subdued: In Germany, mainstream transaction prices for HRC with August–September delivery remained at €680–700/mt EXW. In Italy, mainstream transaction prices for HRC with July–August delivery were at €670–680/mt EXW. Most European buyers generally chose to refrain from booking and are fully waiting for the new import quota system that will officially take effect on 1 July. End-users and traders are eager to assess the actual restrictive impact of the new policy on future import volumes in order to readjust their procurement strategies. At the same time, hit by a double blow from sluggish European domestic demand and uncertainty over the quota policy, steel import activity in Europe also dropped to a freezing point. At present, HRC offers for August shipment from Turkey and Asia to Europe have pulled back to €640–650/mt DDP. With a lack of buyer support, overseas mills' forward export offers showed clear signs of weakening on a MoM basis. Copyright and Intellectual Property Statement: This report is independently created or compiled by SMM Information & Technology Co., Ltd. (hereinafter referred to as "SMM"), and SMM legally enjoys complete copyright and related intellectual property rights. The copyright, trademark rights, domain name rights, commercial data information property rights, and other related intellectual property rights of all content contained in this report (including but not limited to information, articles, data, charts, pictures, audio, video, logos, advertisements, trademarks, trade names, domain names, layout designs, etc.) are owned or held by SMM or its related right holders. The above rights are strictly protected by relevant laws and regulations of the People's Republic of China, such as the Copyright Law of the People's Republic of China, the Trademark Law of the People's Republic of China, and the Anti-Unfair Competition Law of the People's Republic of China, as well as applicable international treaties. Without prior written authorization from SMM, no institution or individual may: 1. Use all or part of this report in any form (including but not limited to reprinting, modifying, selling, transferring, displaying, translating, compiling, disseminating); 2. Disclose the content of this report to any third party; 3. License or authorize any third party to use the content of this report; 4. For any unauthorized use, SMM will legally pursue the legal responsibilities of the infringer, demanding that they bear legal responsibilities including but not limited to contractual breach liability, returning unjust enrichment, and compensating for direct and indirect economic losses. Data Source Statement: (Except for publicly available information, other data in this report are derived from publicly available information (including but not limited to industry news, seminars, exhibitions, corporate financial reports, brokerage reports, data from the National Bureau of Statistics, customs import and export data, various data published by major associations and institutions, etc.), market exchanges, and comprehensive analysis and reasonable inferences made by the research team based on SMM's internal database models. This information is for reference only and does not constitute decision-making advice. SMM reserves the final interpretation right of the terms in this statement and the right to adjust and modify the content of the statement according to actual circumstances.

[Steel Billet Price Adjustment] On June 22, the ex-factory, tax-included price of common square billet in Tangshan Qian'an was lowered by 10 yuan/mt to 2,990 yuan/mt. (yuan/mt) [SMM Steel]

SMM News Flash: [Steel Billet] Export billet offers fell by 3-4USD/tonne today to around $470/mt. Inquiries from outside China decreased, orders declined, and the actual negotiation margin for transactions was around 5USD/tonne. Market intelligence indicated that Iran recently took orders for billets, offering significant price advantages, which diverted some Middle Eastern orders to Iran. Additionally, billet export prices from some neighboring countries were lower than those in China, so overseas buyers remained cautious in the short term, which would limit export transactions. [Rebar] Rebar export FOB offers edged down by 2USD/tonne today, tracking futures. According to traders, market sentiment was subdued and inquiries were mediocre. Offers for southern China resources were maintained at 520-525USD/tonne, which were relatively high. [HRC] HRC export prices fell by 1-2USD/tonne day-on-day today, with transaction prices at 494-503USD/tonne. Based on current inquiries, market offers remained mostly above 500USD/tonne, with shipment periods from July to August. Some overseas buyers made inquiries, but their target prices were more than 5USD/tonne below offers.

[SMM Insights] China's Steel Export Landscape to Middle East Reshaped: Finished Products Stall while Billets Stand Out Looking back at 2025, the Middle East market was undoubtedly the most dazzling "emerging dynamic market" in China's overseas steel landscape. In 2025, China's total steel exports to the Middle East reached 15.81 million mt, with monthly shipments basically stable in the high range of 1.2–1.3 million mt. Against the backdrop of total annual steel exports of 134 million mt, up 14% YoY, the Middle East market accounted for 11%–12% of China's total overseas steel export share. This means that in a single geo-economic region, its share and strategic reliance were second only to Southeast Asia, serving as the "second largest core pillar" for China's steel going global. In terms of product mix, high-added-value HRC (29% share), steel pipes essential for oil and gas projects (18% share), and medium-thickness plates (14% share) formed the three dominant players, reflecting the region's strong diversified industrial and infrastructure throughput capacity. However, it was precisely due to such a massive trade base in 2025 and high reliance on conventional Persian Gulf shipping lanes that when geopolitical storms suddenly struck and straits were dramatically blocked, the resulting "broad market stall" and supply chain disruption were so severe. Below, we will analyze in order: the specific situation of China's steel exports to the Middle East, how cargo pressure was shifted through port replacements during the strait blockade, and how the export landscape will be reshaped after the latest US-Israel negotiations? The "Stall" and Structural Anomaly of China's Steel Exports to the Middle East Data Source: SMM, China's General Administration of Customs First, let's look at total export performance. According to SMM historical data and the latest customs export trends, China's total steel exports to the Middle East in the first four months of 2026 plummeted from 5.47 million mt in the same period of 2025 to 3.57 million mt, with April exports directly halving. Specifically, among China's 5.47 million mt of steel exports to the Middle East from January to April 2025, a highly advanced finished-product-oriented export characteristic was evident. HRC (29%), steel pipe (18%), coated steel (15%), and medium-thickness plates (14%) constituted the four mainstays of China’s steel trade. In terms of destination countries, Saudi Arabia’s rigid demand for offshore/oil & gas pipe (986,000 mt) and the UAE’s strong processing throughput of general HRC (1.607 million mt) and medium-thickness plates (779,000 mt) jointly established the traditional “dual-core consumption hinterland” within the Persian Gulf. Data source: SMM, General Administration of Customs of China Supply Shock and Physical Scissors Gap: The “Billet Export Bonanza” Under a Double Squeeze Since the start of 2026, the blockade of the Persian Gulf Strait caused by geopolitical conflicts significantly weakened overall shipments, while a dramatic “underlying mutation” simultaneously unfolded in the product mix. Steel billet, a minor product that previously accounted for only an 8% share (431,000 mt), registered a strong countertrend increase of 24% in the first four months of 2026. According to the SMM survey, the underlying driver of this anomaly originated from a localized supply shock induced by geopolitical shifts in Iran. If the closure of the Persian Gulf Strait severed the “aorta” of Middle Eastern steel imports, the sudden destruction of Iran’s two largest steel giants—Mobarakeh Steel Company (MSC) in Isfahan and Khuzestan Steel Company (KSC)—on March 27, 2026, completely ignited a “raw material upheaval” within the region. Iran is the world’s tenth-largest and the Middle East’s largest crude steel producer (accounting for over 50% of the region’s total crude steel output), with annual steel exports exceeding 10 million mt, among which semi-finished steel billets are the absolute mainstay. Mobarakeh (MSC) has an annual capacity of 11.8 million mt (20% of Iran’s total capacity), making it the undisputed “King of Flat Products/Sheets & Plates” in the Middle East; Khuzestan (KSC) is Iran’s second-largest steel producer and its most critical production base for slabs and billets. Data source: SMM, General Administration of Customs of China Under normal conditions, Iran was the primary supplier of low-priced steel billets to local rolling mills in the Middle East. With the sharp contraction in Iran's external supply, rolling mills in the Middle East, particularly in Oman and parts of the UAE outside the Gulf that were not directly affected by the blockade, faced severe raw material supply disruption risks. To maintain production, local buyers quickly released a large number of urgent inquiries to the international market. According to SMM survey, the huge demand gap for steel billets created by Iran's exit was filled and shared by supplies from China, India, and Russia. Because the local shortage was mainly crude steel raw material for rolling sheets and plates, and the equipment destruction from explosions meant that rolling lines were the first to restart, the main incremental product in these counter-trend orders was steel slab. This situation shares similarities with the article at https://mp.weixin.qq.com/s/bsrZaRRSRDHC_FmGLulJOQ (Middle East turmoil triggers "mismatch", China accelerates filling a supply vacuum of about 2.3 million mt in Southeast Asia), which mentioned that China would accelerate taking over steel billet supply gaps. That is, despite the decline in steel exports this year, billet exports also achieved counter-trend growth. Stock Game: The "X-Shaped Crossover" of Inside-Gulf Shutdowns and Outside-Gulf Safe Havens Verified by SMM through freight forwarders, steel trade (especially medium-thickness plates, pipes, and steel billets) relies heavily on bulk or breakbulk vessels. When container liners encounter blockades, they can easily reroute by amending bookings via computer systems, but the diversion of bulk carriers faces rigid constraints from destination port drafts, specialized handling equipment (such as large quay cranes), and inland truck connections. Therefore, over the past two months, the supply chain staged a dramatic "port drift" inside and outside the Persian Gulf. The following uses SMM's panoramic shipping data to explain in detail the changes in cargo flow between ports. Under normal conditions, over 70% of China's steel shipments to the Middle East converged densely on Jebel Ali Port inside the Persian Gulf and Dammam Port on the eastern coast of Saudi Arabia. But after the strait blockade, steel port arrivals at these two traditional hubs showed a historic "physical shock" in SMM's high-frequency shipping data (falling to zero from April to May). Meanwhile, the diverted cargo, fighting to survive, surged wildly toward alternative ports outside the strait, tearing open a "lifeline of safety" spatially: ① "Overload Surge" at Oman's Port of Sohar: As the most critical cross-border multimodal transshipment hub outside the Gulf, its port arrivals in April surged nearly fivefold MoM. Large batches of Chinese HRC and steel billet originally destined for the inner Gulf were forced ashore here, causing massive congestion at the port in May as cross-border heavy truck capacity collapsed. ② "Western Route Counterflow" at Saudi Arabia's Jeddah Port: Saudi Arabia abandoned its eastern sea route (Dammam Port) nationwide, forcibly redirecting all Chinese orders to Jeddah on the Red Sea side, causing its throughput to surge to a peak of 361,000 mt in April. Source: SMM, Google Maps However, it should be noted that while cargo can be transferred via other ports in the short term, port arrivals in May have already shown a weakening trend again. The reason is that alternative ports outside the Gulf simply cannot handle such massive and concentrated cargo volumes, leading to extremely severe congestion. According to SMM's survey, because navigation within the Gulf is no longer possible, some shipping lines originally bound for Jebel Ali had to divert to Fujairah, but are still queuing for berths. Jeddah Port faces similar issues. With tight capacity, prices keep surging, and transportation faces severe obstacles. Source: SMM Outlook for Change: With the US-Iran blockade-lifting deal, what impact will the shipping supply chain face? After 108 days of the "dual blockade" (Iran's blockade of the strait and the US's counter-blockade of Iranian ports) that gripped the lifeline of global energy and commodities, the US and Iran officially issued successive high-profile statements announcing a ceasefire memorandum of understanding. The relevant timeline is summarized below. Data source: Compiled by SMM from public channels The news, once released, triggered a strong market reaction. On one hand, there are expectations for export increments from shipping recovery; on the other hand, there are certain demand expectations for post-disaster reconstruction. According to the latest SMM survey, most exporters have not responded enthusiastically to the lifting of the blockade and remain skeptical about its actual implementation. Therefore, from the perspective of actual order-taking, shipments to the Middle East still need 3 to 4 weeks to be verified. If a full lifting is confirmed, the "demand backlog" caused by the earlier shipping disruptions will see a concentrated release. Based on past customs data and the local supply-demand balance table, SMM roughly predicts that finished steel products will experience strong growth expectations, potentially filling a disaster-induced gap of approximately 1.7-2.1 million mt. Among them, HRC accounts for the highest proportion (29%) of China's finished steel exports to the Middle East. Although the Middle East's largest flat steel giant, Iran's Mobarakeh Steel Company (MSC), has reported production resumptions for its blast furnace previously damaged by war, its capacity is in a post-disaster repair phase and is not expected to fill the local gap in the short term. However, recent market rumors suggest that Indian resources are seizing the Middle Eastern market at lower prices, which will also pose some impact on China's export order-taking. However, for semi-finished products, the reason Chinese steel billets have been "hot" in recent months is the supply gap caused by the strait blockade and the bombing of Iranian steel mills. Once Iran's logistics fully recover, Chinese steel billets will lose their advantage in absolute price, logistics distance, and surrounding multilateral competition, and the demand gap in Southeast Asia previously filled by substituting Iranian sources may also be reclaimed. Recently, according to SMM surveys, billet resources are already circulating in the Middle Eastern market. Through the following comparison of comprehensive landed costs (CFR) for billets in the Middle East, it can be clearly seen that Chinese resources are under comprehensive pressure: Source: SMM Therefore, steel billet exports to the Middle East are expected to be somewhat limited, with competition only possible at lower prices. Preliminary forecasts indicate a pressure reduction of 50,000–250,000 mt. However, we need to broaden our perspective to the global multilateral trade context, and we must not fall into excessive pessimism due to localized marginal reductions. Although the billets exported to the Middle East are under pressure, the incremental steel billet volumes that previously replaced Iranian exports to Southeast Asia may not necessarily be wiped out. Given the uncertainty of the Middle East situation and based on considerations of a more stable supply chain, Southeast Asian buyers may continue to source from Chinese suppliers. Therefore, against the backdrop of an overall steel recovery and resilience in steel billet prices, SMM maintains its earlier view, holding a moderately optimistic stance on annual steel exports, with expectations of "steady incremental growth." Finally, it needs to be added that, currently, due to severe port congestion, even if the strait is confirmed passable, it will still take a long time for actual cargo to arrive and cannot immediately be reflected in the data. At the same time, ocean freight rates will also maintain high-level fluctuations in the short term due to unfavorable port cargo pick-up. SMM will continue to track subsequent developments... Copyright and Intellectual Property Statement: This report is independently created or compiled by SMM Information & Technology Co., Ltd. (hereinafter referred to as "SMM"), and SMM legally enjoys complete copyright and related intellectual property rights. The copyright, trademark rights, domain name rights, commercial data information property rights, and other related intellectual property rights of all content contained in this report (including but not limited to information, articles, data, charts, pictures, audio, video, logos, advertisements, trademarks, trade names, domain names, layout designs, etc.) are owned or held by SMM or its related right holders. The above rights are strictly protected by relevant laws and regulations of the People's Republic of China, such as the Copyright Law of the People's Republic of China, the Trademark Law of the People's Republic of China, and the Anti-Unfair Competition Law of the People's Republic of China, as well as applicable international treaties. Without prior written authorization from SMM, no institution or individual may: 1. Use all or part of this report in any form (including but not limited to reprinting, modifying, selling, transferring, displaying, translating, compiling, disseminating); 2. Disclose the content of this report to any third party; 3. License or authorize any third party to use the content of this report; 4. For any unauthorized use, SMM will legally pursue the legal responsibilities of the infringer, demanding that they bear legal responsibilities including but not limited to contractual breach liability, returning unjust enrichment, and compensating for direct and indirect economic losses. Data Source Statement: (Except for publicly available information, other data in this report are derived from publicly available information (including but not limited to industry news, seminars, exhibitions, corporate financial reports, brokerage reports, data from the National Bureau of Statistics, customs import and export data, various data published by major associations and institutions, etc.), market exchanges, and comprehensive analysis and reasonable inferences made by the research team based on SMM's internal database models. This information is for reference only and does not constitute decision-making advice. SMM reserves the final interpretation right of the terms in this statement and the right to adjust and modify the content of the statement according to actual circumstances.

SMM News Flash: [Rebar] Rebar export FOB offers remained stable today. Market traders reported that inquiries were relatively mediocre and transactions remained weak, with strong wait-and-see sentiment among market participants. [Steel Billet] Billet export offers were in the doldrums today, quoted at 473-476 USD/tonne. Market feedback indicated that current trader offers were on the high side, while overseas billet export offers declined, weakening China's competitiveness and resulting in mediocre inquiries and poor transaction performance. [HRC] Sheet & plate export prices dropped1-2 USD/tonne day on day today, with HRC transaction prices at 496-50 USD/tonne. Market feedback showed that inspection rates at North China ports had increased recently, causing some unofficial quoted sources to shift to relatively less stringent ports for port departures, and corresponding price spreads narrowed. Regarding the de-escalation of US-Iran tensions, some export participants consulted today reported no notable increase in inquiries yet, and buyers may also be waiting to see subsequent risks.ently, there have been some new inquiries for medium and heavy plate in the Middle East, with a portion of them resulting in transactions. [India] A 0.40 INR/kWh industrial power tariff increase in Chhattisgarh, effective 1 Jul 2026, will raise induction furnace billet costs by ~3.17–3.80 USD/tonne and re-rolling (rebar/wire rod) costs by ~0.51–0.63 USD/tonne. Weak monsoon-season demand limits cost pass-through, with billet margins at risk of erosion by 2.64–3.69 USD/tonne. [SEA] Currently, construction project operating rates in Vietnam, the Philippines, Indonesia, and Thailand are at a seasonal low, severely suppressing rigid demand for long steel products such as rebar and wire rod. End-user buying sentiment is weak, the pace of overall inventory destocking is slow, and local major mills' rebar EXW prices are at 520–535 USD/tonne. Meanwhile, with the release of information on US-Iran negotiations, news of the Strait of Hormuz unblocking has sparked expectations among Southeast Asian buyers of lower freight rates, creating a mindset of buying on dips and waiting on the sidelines. However, according to SMM's latest survey, even if the agreement can be signed smoothly on the 19th, the actual unblocking of the strait will still require a buffer period. Freight rates are expected to be difficult to lower in the short term and will mainly fluctuate at high levels. [Taiwan, China] This week, Feng Hsin, a leading long steel producer in Taiwan, kept its long steel prices stable, halting a three-week downward streak. Specifically, the rebar price stabilized at 583 USD/tonne EXW (approximately 18400 TWD/tonne), while the structural steel price held steady at 792 USD/tonne EXW (approximately 25000 TWD/tonne). This price stability indicates that mills are ready to accept new orders as the market gradually bottoms out.

[Iran] Iranian steel billet export offers remain stable at 410-420 USD/tonne FOB or FCA border, primarily shipped from Bandar Abbas to Oman (with freight rates around 40-45 USD/tonne). However, impacted by surging sea freight costs and heightened security risks in the Middle East Gulf region, buyers have lowered their counterbids to 400-405 USD/tonne FOB. Market participants report that at least three vessels are currently waiting to berth, and overall port activity remains subdued. The hindered seaborne trade has prompted export activities to shift toward road transport; recently, approximately 20000 tonnes of billets were traded at 385 USD/tonne EXW for July delivery, with 130x130 mm billets seeing the strongest demand. SMM anticipates that as long as shipping disruptions in the Strait of Hormuz persist, seaborne exports will remain constrained, and short-term regional trade flows will continue to lean heavily on land transport to neighboring countries.

China Export Market : [Steel Billet] Today, export offers for square billet edged down by 1 USD/tonne to 470-473 USD/tonne. According to market feedback, port departure inspections for steel products involved relatively little steel billet, so the impact on its exports was relatively small. However, the current economic conditions in markets outside China were not very favorable, the international situation was unstable, demand was relatively average, and steel billet export deals showed mediocre performance. [Rebar] Today, rebar export FOB prices edged down by 1 USD/tonne. Market inquiries showed mediocre performance, and no actual deals were concluded yet. According to feedback from some traders, inspections at northern ports have tightened recently, but the impact on rebar exports appeared relatively small at present. In addition, some market participants said that China’s export prices currently had no obvious advantage, and wait-and-see sentiment was strong.