This week, spot prices of construction steel fluctuated upward. Favorable macro news this week and the upward fluctuation of rebar futures boosted market sentiment. Steel mills, operating at low production levels, actively raised ex-factory prices of resources, stimulating partial winter stockpiling demand, while end-use demand continued to weaken.
Supply side, the impact from maintenance at blast furnace steel mills slightly decreased this week, while EAF steel mills concentrated their maintenance shutdowns between the 15th and 20th, with post-holiday resumption expected between the 10th and 15th day of the Chinese New Year.
Demand side, with the annual Spring Festival travel rush underway, migrant workers across regions gradually returned to their hometowns. It is understood that most ongoing construction projects are expected to halt around January 20, with some guaranteed housing projects and large-scale infrastructure construction continuing until just before the Chinese New Year. End-use demand will gradually stagnate and resume after the holiday. It is anticipated that the inventory buildup of construction steel will accelerate next week.
Looking ahead, as market participants and end-users gradually take their holidays, market activity will weaken, and spot prices will stabilize. It is expected that the RB2505 contract will fluctuate within the range of 3,200-3,380 next week.
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