SMM Daily Comment On Domestic Rebar Market (Sep 13)

Published: Sep 13, 2023 21:09

Source: SMM

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Rebar futures prices fluctuated and closed at 3,777 yuan/mt, down 0.13% from the previous trading day.

SHANGHAI, Sep 13(SMM) – Rebar futures prices fluctuated and closed at 3,777 yuan/mt, down 0.13% from the previous trading day. Spot market prices were mixed throughout the day. According to SMM research, the operating rate of blast furnaces this week was 93.01%, a decrease of 0.45% WoW, and the operating rate of electric furnaces was 38.44%, a decrease of 0.26 percentage points WoW. Supply dropped overall. On the demand side, there was concentrated replenishment in the terminal market previously. Due to sufficient stock and declining steel prices, downstream purchases were mainly based on demand, and speculative purchases decreased, resulting in sluggish transactions today.

Looking ahead, the rebar supply and demand situation is relatively balanced, but market sentiment points to pessimism and bearish. SMM recommended market players pay attention to real estate-related macro data on Friday since positive signals may bring about improvements in expectations and fundamentals, and thus steel prices are expected to fluctuate upward.

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