Rebar Futures Prices Plung

SHANGHAI, Mar 24 (SMM) - Fed raised interest rates by 25 basis points in the early morning of yesterday, in line with expectations. But the price of rebar futures plunged amid high output. In terms of the spot market, affected by the falling futures prices, the terminals purchased on demand and the overall demand weakened significantly.

On the macro front, although the Fed raised the interest rates as expected, the market was still cautious about the bank crisis. In terms of fundamentals, the weak profits weighed on the rebar output. It is expected that the steel prices may fluctuate.