[SMM Rebar Daily Review] Speculative Sentiment Pushes Rebar Futures Higher; Weak Fundamentals in Building Materials Remain Unchanged

Published: Jul 14, 2026 17:42

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Futures drifted lower today, with the most-traded contract settling at 3,054, down 1.05% from the previous trading day. In spot markets, most regional prices edged down by 10-30 yuan/mt, and overall shipments remained sluggish.

Driven by rising raw material prices, rebar futures consolidated higher today, with the most-traded contract settling at 3,090, up 0.75% from the previous trading day. Spot side, most market quotations held steady in early trading, while some edged up slightly following the futures in the afternoon, with fluctuations of 10 yuan/mt. Overall, shipments improved marginally.

Fundamentals side, supply side, EAF steel mills continued operations during flat and off-peak hours, while blast furnace steel mills resumed production as planned at rolling lines that were under maintenance earlier, resulting in slight supply growth this week. Demand side, stimulated by the futures, market trading sentiment improved slightly, with speculative purchases increasing. Looking ahead, this rebar futures rebound was primarily driven by raw materials. Short-term speculative sentiment may provide some price stimulus, but considering the possibility of a coke price cut next week, limited cost support for construction steel, it remains necessary to stay alert to downside risks.

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