[SMM Rebar Daily Review] Restocking for the Double Festival Nears End, Rebar to Consolidate in Short Term

Published: Sep 23, 2026 17:10 (GMT+8)

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Futures consolidated in the doldrums today, closing at 3,113, down 0.26% from the previous trading day. In the spot market, quotes in some regions showed mixed performance, with intraday fluctuations of 10-20 yuan/mt, and overall transactions were weak.
Fundamentals side, supply side, blast furnace steel mills continued to incur losses, with most maintaining their previous under-capacity production pace. EAF steel mills saw reduced difficulty in steel scrap procurement recently, with per-mt margins moderate. In east China, most electric furnace mills posted per-mt margins above 50 yuan/mt, keeping production enthusiasm at a relatively high level. According to an SMM survey, the operating rate of 50 domestic EAF steel mills mainly producing construction steel stood at 36.80%, up 1.24% WoW. Demand side, with futures trending lower and pre-holiday restocking nearing its end, market trading activity declined somewhat, high-priced resources faced weak buying interest, and overall shipments throughout the day were weak. In summary, construction steel fundamentals currently lack clear drivers, and rebar prices are expected to consolidate in the short term.

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