SHANGHAI, May 26 (SMM) - Rebar futures closed down 2.53% at 3,432 yuan/mt yesterday May 25. Spot rebar prices fell in many regions, and market sentiment was bearish. Some steel mills restarted blast furnaces after profits improved, while some electric furnace-based steel mills increased production a little to make up for shortfalls of rebar products of certain specifications. Some buyers restocked after spot prices fell sharply.
The commodity market is facing macro headwinds. Coke prices have experienced many round of cuts in a row. Electric furnace-based steel mills may cut output due to persistent losses. Downstream demand is still weak. Rebar prices may still have room to fall.
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