Reinforcing Steel Bar Market Falters: Futures Dip, Spot Trading Cools Amid Supply Surplus and Slowing Demand

Publicado: Oct 15, 2024 17:40

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[SMM Daily Commentary on Reinforcing Steel Bars: Market Weakens, Spot Trading Turns Cold] Today, the reinforcing steel bar futures fluctuated and fell, closing at 3,467 points with a decrease of 0.72%. In terms of spot trading, market sentiment cooled significantly, with prices of construction materials falling in various regions. Low-priced resources dominated shipments, and overall trading remained weak. On the supply side, steel mills still have profits, and production continues to recover. According to SMM research, the impact of construction material maintenance this week amounted to 1.1793 million tonnes, a decrease of 64,100 tonnes from the previous week, and there is still an upward trend next week. On the demand side, the weather in some regions turned colder in the short term, affecting construction work to a certain extent. It will still take time for macro-level favorable policies to take effect, and it will be difficult to see significant increases in demand in the short term. Against the backdrop of increasing supply, contradictions in the fundamentals of construction materials may accumulate risks. In summary, construction materials are supported by policies at the bottom and suppressed by supply at the top, making steel prices stuck between rising and falling in the short term.

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