SMM Daily Review: Rebar Market Fluctuates Amid Macro Trends and Election Uncertainty

Publicado: Nov 5, 2024 17:41

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[SMM Daily Review of Rebar: General Election Approaching Its End, Market Keeps a Close Watch on Macroeconomic Trends] Today, the rebar market experienced wide fluctuations, closing at 3433 points, up 1.30%. Spot market prices mostly rose, and transactions in some regions improved compared with yesterday. On the supply side, the impact of maintenance on building materials this week amounted to 1.1885 million tonnes, an increase of 148,000 tonnes from the previous week. With raw material prices rising, profits from finished steel products shrunk. Coupled with winter shutdowns and environmental production restrictions in some areas, production showed a downward trend. On the demand side, as the weather turns colder, temperatures in some northern regions have dropped below zero, hindering construction work. In addition, the uncertainty surrounding macroeconomic events such as the U.S. general election and the Two Sessions has also affected market sentiment, making market participants more cautious in their operations. Currently, the contradiction between supply and demand fundamentals is slightly accumulating, but macroeconomic influences are dominant. After the U.S. general election concludes tomorrow, the market may receive favorable stimuli. It is expected that steel prices may fluctuate and rise in the short term.

Declaração sobre a Fonte de Dados: Com exceção das informações publicamente disponíveis, todos os demais dados são processados pela SMM com base em informações publicamente disponíveis, comunicação de mercado e com base no modelo de base de dados interna da SMM. São apenas para referência e não constituem recomendações para a tomada de decisão.

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