SMM Rebar Market Comment and Forecast

SHANGHAI, May 6 (SMM) – Today, the spot prices of rebar generally fluctuated within a narrow range. The rebar futures market was closed today due to the weekend. As rebar futures prices rebounded mildly last night due to positive news, sentiment in the spot market improved slightly today.

Some steel mills have put blast furnaces under maintenance, and it remains to be seen whether the scale of overhaul will expand in the future. Sharp drop in rebar prices this week intensified downstream bearish sentiment. The rainy season will disrupt end demand, especially construction activities. As such, rebar prices may extend declines.