[SMM Rebar Daily Review] Rebar Futures Consolidate, Building Materials Inventory Accumulation Slows Down

Rebar futures consolidated today, with the most-traded contract closing at 3,115, up 0.26% from the previous trading day. In the spot market, most offers held steady. Quotes in some regions edged down in the afternoon by 10 yuan/mt, and trading activity was mediocre.
On the fundamental side, supply-wise, most BF and EAF steel mills are currently operating at a loss. The majority are keeping their existing production pace, with only a few mills rotating maintenance on construction steel rolling lines and adjusting the production mix for rebar and wire rod. Overall output fluctuated little. Demand-side, earlier typhoon warnings prompted some stockpiling of shipments in east China. Over the past two days, raw material news helped improve futures prices, pushing rebar futures and spot prices higher. Trading activity picked up, end-user purchasing enthusiasm strengthened, and apparent demand for building materials continued to edge up. Under the combined influence, the accumulation pace of total building materials inventory slowed down slightly. According to an SMM survey, this week’s total building materials inventory stood at 8.3962 million mt, up 74,300 mt or 0.89% WoW. Looking ahead, rebar's self-driving force remains limited, and macro factors and raw material news still warrant attention.