SMM Daily Comment On Rebar Market

SHANGHAI, Apr 25 (SMM) – Rebar futures prices closed down 3.61% at 3,714 yuan/mt yesterday April 24. An increasing number of blast furnace-based steel mills have carried out maintenance since last week, with rebar output loss from maintenance estimated to add 84,400 mt to 540,700 mt this week. Trades were sluggish amid the slump in rebar prices. Iron ore and coke prices will drop further after pig iron production peaks. The slump in rebar prices has barely boosted trades as buyers anticipate even lower prices going forward. Rebar prices are likely to fall further amid strong pessimism, but a brief rebound may occur if end users stock up before the upcoming Labour Day holiday.