SMM Rebar Daily: Futures Slightly Down, Spot Prices Steady Despite Supply-Demand Shifts

[SMM Rebar Daily Review: Futures Fluctuate Rangebound, Spot Prices Remain Calm]

Today, rebar futures continued to fluctuate rangebound, closing at 3,279, down 0.27%. In the spot market, with rebar futures trading sideways, spot prices remained largely stable, with a small amount of purchasing for immediate needs and slightly improved transactions compared to yesterday.

In terms of supply, new maintenance at blast furnace steel mills decreased, and the operating rate of electric furnaces remained largely stable, slowing the trend of supply reduction.

On the demand side, construction in northern regions has nearly halted, while a few projects in south China are still rushing to meet deadlines, with localized resource shortages in some areas. Current inventory continues to decline, and inventory pressure remains low.

However, steel mills showed low willingness to restock raw materials, with iron ore and coking coal prices fluctuating downward, providing insufficient cost support for steel prices. Additionally, macro-level positive factors have temporarily subsided, and market winter stockpiling sentiment remains generally low. Construction steel may fluctuate weakly in the near term.