Rebar futures rebounded after breaking downward today, closing at 3,209 points, down 0.83%. In the spot market, impacted by the significant drop in futures during the morning session, spot prices fell by 10-40 yuan/mt, which stimulated some speculative purchasing, though overall transactions were moderate. Fundamentals, according to the SMM survey, showed that the impact from maintenance on construction steel this week was 1.307 million mt, down 39,200 mt WoW, with a slight increase in supply. Cost side, blast furnace steel mills still maintained certain profitability and kept their current production pace, while most EAF steel mills operated at a slight loss, leading to unstable cost support overall. Regarding future price trends, macro impacts have weakened, and trading has returned to fundamentals. Demand in south China showed moderate recovery, while it remained weak in the north. Growth may accelerate in mid-to-late month, and construction steel spot prices are expected to fluctuate downward tomorrow.
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