Rebar Futures Prices Fluctuated Downside

SHANGHAI, Mar 22 (SMM) - Yesterday, rebar futures prices fluctuated downside, which affected the market sentiment. The national spot prices fell slightly in the early trading, and the market prices followed suit.

On the supply side, the compressed profits of steel mills weighed on the production. Meanwhile, the inventory of steel mills continued to be digested, and is still expected to decline further. On the demand side, the overall shipments were not good as the trading atmosphere was deserted. But it cannot be ruled out that steel mills will dump their goods, hence the transaction prices fell 10-20 yuan/mt. On the whole, SMM will continue to pay attention to the supply and demand in the later stage. It is expected that the national construction steel prices may decline in the short term.