SHANGHAI, Aug 18 (SMM) –
Iron ore prices gained the most among all ferrous metals. Rebar futures prices closed up 0.65% at 3,725 yuan/mt. On the supply side, BF-based steel mills resumed production as planned, while EF-based ones who still operated at a loss had low incentive to produce. The overall supply of rebar increased steadily. On the demand side, according inventory data released yesterday, total inventory shrank, and apparent demand improved. Buoyant iron ore prices pushed up rebar future prices. However, demand sluggishness lingered with rigid terminal demand. Rebar market trading sentiment picked up.
From the follow-up point of view, taking cues from absent implementation of crude steel production restrictions and high pig iron output, demand for iron ore is unlikely to slump, leaving limited room for iron ore prices to dip. Stable prices of coking coal and coke will offer consistent support for rebar market. With the weather getting slightly cooler in autumn in China, operation, a turnaround in construction site was partially reported. The improvement in demand under the expectation of limited production may drive steel prices upward.
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