Reinforcing Steel Bars Market: Inventory Drop Speeds Up, Yet Watch Out for Mill Output Rebound Amid Supply Concerns

Publicado: Aug 29, 2024 17:55

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[SMM Daily Review of Reinforcing Steel Bars: Inventory Decline Accelerates, but Be Alert to the Rebound in Steel Mill Output] Today, the reinforcing steel bar futures fluctuated with a decline of 0.09%, closing at 3259. The spot market remained stable with a slight increase, but trading was mediocre. On the raw material side, hot metal production rebounded from its bottom, providing support for costs. On the supply side, the operating rate of electric arc furnace steel mills for major building materials slightly declined, but with the expectation of profit recovery, they are expected to resume production in September. The blast furnace steel mills are also gradually resuming work, which may increase supply pressure. On the demand side, the Fed's interest rate cut and the favorable policies for the issuance of special bonds are gradually being implemented, but the downstream capital crunch restricts demand growth. The market holds a cautiously optimistic attitude towards the "golden September and silver October." In the follow-up, improvements in market supply and demand and favorable macroeconomic policies will provide short-term support for steel prices. However, as steel mills resume production, increasing supply, the market is concerned that the inventory inflection point is approaching, and steel prices may come under pressure.

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