Rebar Futures Prices Closed Down 0.87% At 3,743 Yuan/Mt, While Spot Price Was Stable-To-Weak.

Rebar futures prices closed down 0.87% at 3,743 yuan/mt, while spot price was stable-to-weak. On the supply side, according to SMM research, the impact of rebar declined by 538,700 mt on maintenance, a decrease of 30,000 mt from last week, and the supply increased significantly. On the demand side, speculative demand was weak, and there was only rigid demand from end-users.

From the follow-up point of view, the overall performance of the market appeared strong recently. Profits of steel mills expanded, but the actual demand failed to keep up with. The increase in spot prices was significantly lower than that of futures. The pressure on the supply side increased. With unbalanced supply-demand fundamental and waning impact of good news, short-term steel prices may continue to fluctuate.