Today, rebar futures fluctuated downward, closing at 3,296 yuan, down 0.66% from the previous trading day. On the spot side, morning spot prices remained stable across regions, but weakened slightly in the afternoon due to the decline in the futures market, with prices in some markets dropping by 10 yuan/mt. Overall transactions were relatively weak. Fundamentally, on the supply side, blast furnace steel mills maintained stable production, while the operating rate of EAF steel mills continued to rise, leading to a slight increase in supply. Demand side, with warmer weather, the northern market is expected to resume work and production, and end-use demand is anticipated to recover to some extent. Overall, both supply and demand are increasing, market imbalances are not prominent, and futures mainly follow macro sentiment fluctuations. In the short term, steel prices are expected to maintain sideways movement, with further attention needed on macro policy guidance during the Two Sessions.
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