Price trend

According to the price monitoring of SunSirs, as of February 17, the prices of rebar and wire rod in Jiangsu, Zhejiang and Shanghai this week were still rising slightly. As of the 17th, the average price of HRB400 rebar in Jiangsu, Zhejiang and Shanghai was about 4,145.56 RMB/ton, up 1.58% from the beginning of the week; the average price of HPB300 in Jiangsu, Zhejiang and Shanghai was 4,408 RMB/ton, up 1.94% from the beginning of the week.

Analysis review

Market: As of the weekend, the national engineering demand was 77,399 tons, up 70.1% from the previous trading day and up 67.8% from the same period last week. In 2022, the national sales volume of commercial housing was 13.33 trillion RMB and the sales area of commercial housing was 135,800 square meters, down 26.7% and 24.3% respectively year on year.

Inventory and production: The total inventory and weekly output of rebar and wire rod increased this week.

In the upstream, the coke market remained stable; Port iron ore was sorted at a high level; The scrap steel market remained stable as a whole, and the price rose and fell from each in some regions. This week, steel mills had a strong willingness to raise prices, and low level resources in various regions had risen. With the improvement of market confidence and the centralized release of terminal demand, the overall transaction performance was commendable. With the recovery of positive downstream demand, the market's bullish sentiment dominated.

Market outlook

It is expected that the price of rebar and wire rod will mainly continue to rise.

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