[SMM Rebar Daily Review: Macro Sentiment Drives Price Fluctuations, Market Sentiment Remains Cautious] Rebar futures fluctuated and declined today, closing at 3,259, down 0.70% from the previous trading day. Spot cargo side, with the Two Sessions underway, market sentiment remained cautious. Spot prices in many regions continued to decline, with drops ranging from 10-20 yuan/mt, and overall transactions were weak throughout the day.
Rebar futures fluctuated downward today, closing at 3,259, down 0.70% from the previous trading day. Spot side, with the Two Sessions underway, market sentiment remained cautious, and spot prices in many regions continued to decline by 10-20 yuan/mt, with weak transactions throughout the day. Fundamentals, supply side, according to the SMM survey, three additional electric furnace plants resumed production this week, with an operating rate of 41.3%, up 3.08% MoM. The daily average production of construction materials increased by 4,800 mt MoM, leading to a slight supply increase. Demand side, downstream end-use demand recovered steadily, and the apparent demand for construction materials nationwide increased slightly. Overall, construction materials are still in a state of simultaneous supply and demand growth, with no significant imbalance in fundamentals. Price fluctuations are mainly influenced by macro sentiment, and in the absence of favorable policy measures, construction material prices are expected to continue fluctuating downward.
