Rebar futures fluctuated today, closing at 3,092, down 0.45% from the previous trading day. Spot market, prices showed mixed performance, with some regions seeing improved transactions compared to yesterday.
Fundamentally, supply side, blast furnace steel mills maintained profits this week, with most mills operating normally. EAF steel mills resumed production after maintenance, and the operating rate slightly rebounded, leading to an overall increase in supply. Demand side, the construction industry's rigid demand continued to recover. According to the SMM survey, construction steel inventory remained in a destocking state this week, with total rebar inventory at 6.8477 million mt, down 5.79% WoW. Both in-plant inventory and social inventory decreased to varying degrees. Overall, the steel market currently sees both supply and demand increasing, with construction steel inventory continuing to destock. Short-term construction steel prices may fluctuate, and subsequent attention should focus on macro direction changes and downstream demand.
Fundamentally, supply side, blast furnace steel mills maintained profits this week, with most mills operating normally. EAF steel mills resumed production after maintenance, and the operating rate slightly rebounded, leading to an overall increase in supply. Demand side, the construction industry's rigid demand continued to recover. According to the SMM survey, construction steel inventory remained in a destocking state this week, with total rebar inventory at 6.8477 million mt, down 5.79% WoW. Both in-plant inventory and social inventory decreased to varying degrees. Overall, the steel market currently sees both supply and demand increasing, with construction steel inventory continuing to destock. Short-term construction steel prices may fluctuate, and subsequent attention should focus on macro direction changes and downstream demand.
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