SMM Daily Rebar Update: Market Pauses Rally, Shifts to Wait-and-See Amid Maintenance, Supply Pressures

Published: Aug 27, 2024 17:42

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【SMM Daily Rebar Review: Rally Pauses as Market Returns to Wait-and-See Mode】Today, rebar futures prices oscillated, with significant fluctuations occurring in the afternoon, resulting in an overall increase of 1.12%, closing at 3249. In the spot market, the uptrend slowed down, and the market reverted to a wait-and-see attitude, with average daily transactions mostly driven by rigid demand. Steel prices have continued to recover recently, coupled with the fact that steel plants have been undergoing maintenance for over a month, leading to expectations of a rebound in molten iron production, which may strengthen cost support. In terms of spot supply, according to SMM research, the impact of building materials maintenance this week amounted to 16.349 million tons, a decrease of 1.431 million tons from the previous week. Long-process steel plants have resumed production, and subsequent supply pressure may increase. On the demand side, the recent price rally has driven an improvement in demand, with continuous improvement in supply-demand fundamentals, hinting at promising demand during the traditional peak seasons of September and October. In summary, the current fundamentals of building materials do not pose a drag, but the momentum for sustained upward movement is somewhat lacking. It is recommended to pay attention to raw material support and the market's reaction to potential interest rate cuts by the Federal Reserve.

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