[SMM Rebar Daily Review: Meeting Concludes Below Market Expectations, Spot Prices Narrowly Adjusted] Today, rebar futures fluctuated downward, closing at 3,220 points, down 1.35%. Spot market, affected by the decline in the futures market, saw regional market quotations drop by varying degrees (10-40 yuan/mt), with reduced trading activity and poor transactions...
Today, rebar futures fluctuated downward, closing at 3,220 points, with a decline of 1.35%.
In the spot market, affected by the drop in the futures market, prices in various regional markets fell by different ranges (10-40 yuan/mt). Trading activity decreased, and transactions were unsatisfactory.
On the supply side, according to an SMM survey of 56 sample steel mills, the planned rebar production for March is 8.9948 million mt, an increase of 1.0364 million mt compared to the actual production in February, representing a growth of 13.02%. The planned wire rod production is 3.5618 million mt, an increase of 380,100 mt compared to February's actual production, with a growth rate of 11.95%. Electric furnace steel mills, constrained by profitability and raw material inventory, are unlikely to significantly increase their operating rates. Overall, supply still shows a certain level of growth.
From a macro perspective, the conclusion of an important meeting did not bring any substantial positive surprises beyond expectations. Additionally, current market demand has not yet returned to normal levels, and the strength of its recovery remains to be tested by the market. Meanwhile, the raw material side provides insufficient cost support, and market confidence appears slightly lacking.
In summary, the spot prices of construction steel are expected to continue a weak trend tomorrow.
