[SMM Rebar Daily Review] Futures surge fails to conceal weak demand, building materials prices may still need to consolidate at lows.

Published: Jul 15, 2026 17:24

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Rebar futures drifted higher today. The most-traded contract closed at 3,115, up 1.33% from the previous trading day. Spot side, market quotations largely followed the gains in futures, with an increase of 10-30 yuan/mt. In the afternoon, prices in some markets pulled back, and transactions of high-priced resources were weak.

Rebar futures drifted higher today, with the most-traded contract closing at 3,115, up 1.33% from the previous trading day. Spot market, most quotes followed the futures higher, with gains of 10-30 yuan/mt. In the afternoon, prices in some regions pulled back slightly, and transactions of high-priced resources were weak.
Fundamentals, supply side, some rolling lines at blast furnace steel mills resumed production as planned, leading to a slight supply increase this week. For short-process mills, east China mills were affected by a typhoon over the weekend, hindering shipments, and under inventory pressure they chose to reduce operating hours. Central China mills also saw lower operating rates due to difficulty in sourcing steel scrap, resulting in a slight supply decrease. Overall, construction steel production remained relatively stable recently. Demand side, although market quotes followed futures higher today, actual demand was mediocre and transactions were relatively weak. Currently, rebar spot price gains lagged behind the futures, and it may still need to go through repeated consolidation at lows.

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