Rebar Prices To Go Up After Downward Corrections, Eyes Are On Friday’s CPI And PPI

Published: Jun 8, 2023 14:12

Source: SMM

Save

SHANGHAI, Jun 8 (SMM) – Rebar futures prices closed down 0.93% at 3,621 yuan/mt yesterday.

SHANGHAI, Jun 8 (SMM) – Rebar futures prices closed down 0.93% at 3,621 yuan/mt yesterday. Spot prices in many regions dropped slightly amid weak demand. On the supply side, the profits of blast furnace steel mills have shrunk, thus some mills plan to undertake short-term maintenance. Electric furnace steel mills generally suffer steel scrap shortages and high costs, denting their production passion. On the demand side, a slight pullback in steel prices suppressed speculative demand. On the first day of the national college entrance examination, some cities restricted travel and work, thus terminal purchases slowed down, and transactions throughout the day were sluggish. Steel billet destocking in Tangshan continued. The peak of electricity consumption in summer is coming, thus the downward space for coal prices will be limited. The demand for iron ore is modest, forming cost support for steel prices. Macro sentiment has improved and may not turn pessimistic again in the short term. China’s net exports were unsatisfactory. Eyes are on CPI and PPI to be released on Friday. Rebar prices are expected to see downward corrections after recent rally and then go up.

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 to learn 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

12 hours ago

[SMM Steel] Indian government approves $42 million for green hydrogen steel pilots

[SMM Steel] On March 26, 2026, the Indian government approved $42 million in funding for three pilot projects to produce steel using green hydrogen. Part of the National Green Hydrogen Mission, these projects will be completed within three years by Matrix Gas Renewables, Simplex Castings, and SAIL. The pilots will test 100% hydrogen use in Direct Reduction Iron (DRI) and hydrogen injection in blast furnaces to significantly reduce coal and coke consumption.

12 hours ago

Anhui Panhua New Materials Cold-Rolling Project Pickling Line and Hot-Dip Galvanizing Line Commence Production

Recently, the first coils were successfully rolled off the pickling line and hot-dip galvanizing line of the cold-rolling project of Anhui Panhua New Materials Co., Ltd., for which China National Heavy Machinery Research Institute Co., Ltd., a subsidiary of SINOMACH Heavy Equipment Group, served as the EPC contractor, marking the successful commissioning of the project.

12 hours ago

Core Equipment for Meishan Iron & Steel’s 1,422 mm Hot Rolling Production Line Commissioned

Recently, the finishing mill unit and sizing press developed by Erzhong Equipment, a subsidiary of SINOMACH Heavy Equipment, for Meishan Iron & Steel’s 1,422 mm hot rolling production line were successfully commissioned. The equipment has been operating stably, with all performance indicators leading the industry, and has received high recognition from the owner.

12 hours ago