SMM Daily Comment On Domestic Rebar Market (Sep 8)

Published: Sep 8, 2023 21:37

Source: SMM

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Rebar futures prices trended lower today, and closed down 1.98% at 3,717 yuan/mt, while rebar spot market swung on subdued note.

SHANGHAI, Sep 8(SMM) – Rebar futures prices trended lower today, and closed down 1.98% at 3,717 yuan/mt, while rebar spot market swung on subdued note. On the macro level, relevant departments studied and judged raw material prices and market conditions, and policy supervision tightened, cooling down market sentiment. On the demand side, a sharp increase in precipitation in many places in East China amid lingering impact of typhoons suspended construction progress on construction sites, making a dent in terminal demand. Rebar market activity appeared lukewarm.

In the follow-up, prices of raw materials are expected to move down under the sway of negative macro news, probably weakening cost support for rebar market. However, balanced supply-demand fundamentals of finished products and waning impact of the typhoon may fuel restart of capacity of finished steel, and demand is still expected to improve. In the short term, steel prices will continue to fluctuate within a narrow range, and may hike, boosted by rising demand.

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