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

May 22, 2026 20:07

[SMM Steel] US Finalizes AD Review on Taiwan’s Corrosion-Resistant Steel Products

[SMM Steel] The US Department of Commerce finalized its antidumping administrative review on corrosion-resistant steel products from Taiwan covering July 2023-June 2024. Sheng Yu Steel and Prosperity Tieh Enterprise received final dumping margins of 0.00%, while Great Grandeul Steel Company Limited (Samoa) was assigned a weighted-average dumping margin of 0.99%. The USDOC maintained nearly all calculations from the preliminary findings, with only a minor spelling correction made to Prosperity’s corporate name.

May 22, 2026 20:07

May 22, 2026 20:06

[SMM Steel] Global Crude Steel Output Falls 1.9% YoY in April 2026

[SMM Steel] Global crude steel production declined 1.9% y-o-y to 153.4 million mt in April 2026, while January-April output fell 2.0% y-o-y to 613.3 million mt, according to worldsteel data. China’s April crude steel output dropped 2.8% y-o-y to 83.6 million mt, while India, South Korea, and the US recorded growth of 3.9%, 4.8%, and 9.4% respectively. EU-27 output declined 1.8% y-o-y to 11.0 million mt, while CIS production fell sharply by 13.4% y-o-y. Market participants said global steel production remains under pressure from weak demand and ongoing regional trade and geopolitical uncertainties.

May 22, 2026 20:06

May 22, 2026 20:04

[SMM Steel] Germany’s Steel Output Continues Recovering Despite Monthly Decline

[SMM Steel] Germany’s crude steel production increased by 9.5% y-o-y to 3.23 million mt in April 2026, although output declined 3.3% m-o-m, according to WV Stahl. BOF steel production rose 10.7% y-o-y to 2.22 million mt, while EAF output increased 7.1% y-o-y to 1.01 million mt. January-April crude steel production reached 12.49 million mt, up 9.1% y-o-y. Market participants said the data reflected a gradual recovery in German steel production, although overall demand and capacity utilization remained below sustainable levels.

May 22, 2026 20:04