Rebar futures closed down 1.58% at 3,686 yuan/mt, and the spot market price was lowered by 20-30 yuan/mt. On the supply side, according to SMM research, the operating rate of blast furnaces this week was 93.50%, an increase of 0.50% from the previous period. The operating rate of electric arc furnace steel mills was 36.76%, an increase of 1.18 percentage points from the previous period. A small increase in supply is expected. On the demand side, market sentiment cooled down significantly, and trading sentiment appeared luck-warm. Demand for stocking before the Dragon Boat Festival was only slightly released, and the overall transaction was generally weak.
Looking at the follow-up, on the supply side, considering that the profit situation of steel mills was still good, and the production capacity was released. Supply may continue to increase. On the demand side, many places entered high-temperature weather, and there was unbalanced supply-demand. Short-term steel prices may fluctuate. In the medium and long term, if crude steel is required to be flatly controlled throughout the year, it will face greater pressure to reduce the volume, which is about 50 million mt compared with the first half of the year. The supply reduction may have a chance to show a trend upward market.
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