[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 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.