[SMM Rebar Daily Review] News Drives Futures Market Upward, Spot Prices Follow the Rise

Today, rebar futures rose significantly, closing at 3,256 points, up 1.21%. In the spot market, prices in various regions increased to varying degrees, with moderate transactions at lower levels. On the industrial side, this week, the national rebar inventory continued to decline slightly. According to SMM statistics, the total rebar inventory this week was 7.975 million mt, down 598,000 mt WoW, with a decrease of 0.74%, and a YoY decrease of 3.381 million mt based on the lunar calendar. On the supply side, there was a slight increase in production, while demand strength continued to recover, keeping the overall fundamentals relatively healthy. Looking ahead, with ongoing news of coal mine reductions and crude steel output cuts, market confidence has somewhat recovered. It is expected that construction steel prices will continue to operate on a strong note tomorrow.