[SMM Rebar Daily Review] Fundamentals show strong supply and stable demand, building material prices face upward pressure

Futures moved lower before recovering today, closing at 3,089, down 0.19% from the previous trading day. In spot markets, most regional prices edged down 10-20 yuan/mt in early trading. In the afternoon, futures drifted higher, and some regional prices saw a slight correction, with overall trading activity relatively average.
From a fundamental perspective, on the supply side, for the integrated route, as two rounds of coke price cuts took effect, per-mt steel margins recovered somewhat, and some steel mills resumed production after maintenance as planned. According to SMM's weekly maintenance survey, the impact from maintenance on construction steel this period was 112.75 mt, down 94,100 mt WoW. For EAF steel mills, scrap procurement difficulty eased slightly, and per-mt steel margins mostly remained above break-even. Some electric furnace mills slightly raised operating hours or resumed production, leading to an increase in overall construction steel supply. On the demand side, downstream purchasing willingness remained weak, mostly limited to low-price restocking, with short-term market demand showing relatively small fluctuations. Overall, construction steel fundamentals showed strong supply and stable demand, putting some pressure on price rises. Only some regional markets had notable specification shortages, providing relatively strong price support. Short-term spot rebar prices are expected to consolidate.