Daily Updates On Rebar Market

Published: May 19, 2023 17:40 (GMT+8)

Source: SMM

Save

SHANGHAI, May 19 (SMM) – Rebar futures prices closed down 1.35% at 3,645 yuan/mt today.

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.

Market forecast Market review

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

35 mins ago

MMi Daily Iron Ore Report (October 5)

35 mins ago

46 mins ago

[SMM Coal Flash] Pakistan’s Thar Block II Phase III Raises Coal Capacity to 11.2 Million Tonnes

Pakistan inaugurated Phase III of the Thar Coal Block II project on October 5, raising the mine’s annual production capacity from 7.6 million tonnes to 11.2 million tonnes, according to Sindh Chief Minister Murad Ali Shah. The 3.6 million-tonne annual capacity increase will enable Lucky Electric Power Company’s 660 MW plant to fully switch from imported coal to Thar coal. The expansion is expected to reduce Pakistan’s reliance on imported fuel and save around $220 million in foreign exchange annually.

46 mins ago

[German Green Steel and Power shares reverse listing gains, down 8% from IPO price]

India's German Green Steel and Power listed on the BSE on Monday at 1.65 USD per share, a 3.2% premium to its 1.60 USD IPO price, but profit-taking drove it 8% below the offer price to a day low of 1.46 USD. The pre-listing grey market premium implied just a 6.8% gain. The mainboard IPO, open September 25-29, was subscribed 28.98 times, with retail at 22.83 times, non-institutional investors at 54.03 times and QIBs at 20.93 times. The 35 million USD issue, including a 33 million USD fresh sale, will fund the Samakhiyali plant expansion, a hybrid wind-solar plant and debt repayment. The integrated producer makes TMT bars, MS billets and sponge iron at two Gujarat plants; FY24-FY26 revenue rose from 130 million to 193 million USD, EBITDA from 9.1 million to 19.2 million USD, and net profit from 4.8 million to 9.2 million USD.

46 mins ago