SMM daily review and forecast for rebar market

Published: Jul 21, 2023 19:49

Source: SMM

Save

Rebar futures closed up 1.41% at 3,823 yuan/mt today.

Rebar futures closed up 1.41% at 3,823 yuan/mt today. Stricter production restrictions in Tangshan were monitored in morning trading session. According to SMM research, as of the morning of July 12, there were shut-down of 7 BFs and scheduled shut-down of 2 BFs, leading to pig iron production losses by 30,300 mt. Therefore, iron ore and coke prices both trended lower, and rebar futures prices inched down. In afternoon trading session, the National Development and Reform Commission stated that the policy documents linked to consumption recovery and expansion will be officially issued in the near future, reinforcing optimistic expectations on the macro market. Therefore, rebar futures prices hiked above the previous high.
Looking at the follow-up, demand for rebar in the off-season was weak, and rebar inventory slowly picked up. Supply-demand fundamentals will be balanced in a short run. It is expected that steel prices will still roll over next week. The FOMC meeting and Politburo meeting will deserve to watched.

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

27 mins ago

[SMM Iron Ore] After Onslow Delivered, Different Kind of Supply Emerging in Australian Iron Ore, Beyond the Big Four

27 mins ago

35 mins ago

[SMM Iron Ore] Weaker spot and higher freight deepen imported iron ore losses

35 mins ago

39 mins ago

[Rizhao Steel No.7 Pickling and Rolling Line Upgrade and Transformation]

To deeply tap the line's potential and optimize the product mix, Rizhao Steel recently completed a comprehensive upgrade of its No.7 pickling and rolling line and added a continuous rolling mill. After the transformation, the line's designed annual capacity has been raised to 1.2 million mt, achieving a significant improvement in large-scale, specialized production capability. Since the project was put into operation, production and technical positions have worked closely together to overcome multiple process bottlenecks and successfully achieve product iteration for medium- and high-carbon steel lean coil products. From May to August this year, the line has stably mass-produced multiple grades of high-quality medium- and high-carbon steel products for saw blades, yielding fruitful phased results from the technological transformation, upgrade, and new product development.

39 mins ago