Demand for Steel Products Has Picked Up Slowly as Infrastructure Projects are in Full Swing

SHANGHAI, Mar 21 (SMM) - Overall demand for rebar fluctuated within a narrow range as the demand for the direct supply from steel mills and the market demand both gradually recovered. However, the demand was still mainly contributed by infrastructure projects. In the follow-up stage, the rebar demand may be weak even with the high operating rates of infrastructure projects. The social inventory of HRC in 69 warehouses across the country further increased. During last week, HRC prices fell after hitting high, and thus terminals stockpiled actively on dips. As such, the overall terminal demand for HRC continued to recover. In the follow-up stage, downstream demand will improve as demand from domestic manufacturing and infrastructure industries is expected to grow steadily in 2023.