SMM

Rebar futures fluctuated rangebound today, closing at 3,166, up 0.32% from the previous day. Market sentiment remained cautious, and overall trading volume was lower than yesterday.
Supply side, according to SMM statistics, the operating rate of blast furnaces at 242 steel mills this week was 87.49%, up 0.02 percentage points WoW. Demand side, with the improvement in weather, construction site demand continued to recover, and building material inventory was in a destocking cycle. The fundamental imbalance was not yet prominent. Overall, the current supply and demand of steel were basically stable, and steel prices were largely influenced by sentiment. In the short term, more steel mills are expected to resume production as planned, and steel supply may continue to increase. Therefore, it is expected that steel prices will fluctuate rangebound in the short term.