Daily Updates On Rebar Market

SHANGHAI, May 19 (SMM) – Rebar futures prices closed down 1.35% at 3,645 yuan/mt today. On the supply side, profit margins of blast furnace-based steel mills improved, thus some steel mills restarted blast furnaces. Operating rates of electric furnace-based steel mills picked up slightly. On the demand side, rebar market remained sluggish. The market expected that the Federal Reserve may raise interest rates in June, sending rebar futures prices down and hurting sentiment in the spot market. Trades were thin on Friday. After eight rounds of coke price cuts, some coking plants began to raise offers. Iron ore shipments by overseas mines fell back, and restarts of blast furnaces will boost iron ore demand, which will lift iron ore prices, thus offering cost support to steel prices.  However, end-user demand will decline further with onset of off-season.