SMM daily comment on domestic rebar market (Sep 4)

SHANGHAI, Sep 4 (SMM) – Today, rebar futures fluctuated and fell back to 3,770 yuan/mt at closing, up 0.35% from the previous trading day. The spot market price was relatively strong throughout the day. On the demand side, typhoon weather in parts of East and South China has slowed down the construction progress. Because of no positive news today, the mood of traders was dull and the trading atmosphere cooled down. The terminal market purchased on demand, and the transaction performance throughout the day was slightly weak.

Looking at the follow-up, frequent favorable macro policies will strengthen confidence over economic recovery. In addition, as the impact of the typhoon gradually fades, demand is expected to improve. Combined with the boosting effects of policy and sentiment, steel prices may fluctuate upward.