SMM daily comment on rebar market (Aug 10)

SHANGHAI, Aug 11 (SMM) –

Rebar futures prices closed down 0.51% at 3,671 yuan/mt yesterday. Rebar supply kept decreasing, and profits of rebar were low. On the demand side, given that rebar prices weakened yesterday, rigid terminal demand was reported. Rebar market activity appeared lukewarm.

From the follow-up point of view, rebar supply reduction in the off-season is expected to partly alleviate unbalanced supply-demand fundamentals, but demand will remain sluggish. In a word, rebar inventory will keep picking up. Rebar prices may largely stand low, but may receive support from a peak season in September and October.