Rebar Prices Fall on Expanding Supply

SHANGHAI, Mar 7 (SMM) - On the previous trading day, the National Development and Reform Commission issued a document concerned about the recent excessive price increase of iron ore. Last weekend, Tangshan once again launched a level-II emergency response to heavy pollution weather. As a result, the iron ore futures prices dipped 2.13%, and rebar futures prices also dropped slightly.

On the supply side, according to SMM statistics, output loss caused by BF mill maintenance dropped 99,500 mt to 417,200 mt compared with last week, and steel mills have accelerated production resumption. On the demand side, the terminal companies continued to purchase on demand amid the falling prices. A small amount of speculative demand was released. The overall demand performed modestly.