[SMM Rebar Daily Review] The pattern of stable supply and weak demand continues, and construction steel prices may remain in the doldrums in the short term

Published: Jul 16, 2025 17:28

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[SMM Rebar Daily Review: The pattern of stable supply and weak demand continues, and construction steel prices may remain in the doldrums in the short term] Today, the futures market fluctuated downward, closing at 3,106, down 0.48% from the previous trading day. On the spot side, market quotes dropped slightly, with declines of 10-20 yuan/mt. In terms of transactions, futures prices rose slightly at the end of the trading day, driving the release of speculative demand in some regions, but overall trading performance was average.

Today, the futures market fluctuated downward, closing at 3106, down 0.48% from the previous trading day. On the spot market, quotes dropped slightly, with a decline of 10-20 yuan/mt. In terms of transactions, the futures market rallied slightly towards the end of the day, driving the release of speculative demand in some regions. However, overall trading performance was mediocre throughout the day.

From the fundamental perspective, on the blast furnace side, most steel mills maintained moderate profits, and their production enthusiasm remained high, basically maintaining normal production levels. On the EAF {{steel-related}} side, steel mill profits generally improved, and the overall operating rate increased slightly. According to SMM's weekly survey, the national electric furnace operating rate was 33.8% this week, up 0.78% WoW. On the demand side, the current hot and rainy weather continues, and end-use demand is still suppressed by seasonal factors, with overall trading performance being mediocre.

Overall, the current construction steel trading situation largely depends on sentiment. In an environment of stable supply and weak demand, the weak reality may continue to drag down the spot price increase, and it is expected that prices will remain in the doldrums tomorrow.

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