Price trend

On June 21, the latest price of rebar in Jiangsu, Zhejiang and Shanghai was 4,246.67 RMB/ton, up 0.66% from the previous trading day and down 6.13% year-on-year. Wire rods were reported at 4,588 RMB/ton in Jiangsu, Zhejiang and Shanghai, an increase of 2.05% from the previous trading day and a year-on-year increase of 23.28%.

Analysis review

On June 21, the quotations of Ф6.5-10mm high lines such as Jiujiang and Beitai were at 4,290-4,330 RMB/ton, the base prices of Huanghai and Binxin were around 4,080-4,120 RMB/ton, and the quotations of Zhongtian and Yonggang were at 4,200-4,250 RMB/ton.

On the 20th, after the deep decline of the rebar and wire rod, the market's sell-off sentiment was released, and it stopped falling and stabilized. In addition, the Tangshan billet rose sharply, the market mentality improved, and some oversold resources rebounded slightly by 20-30 RMB/ton. With the overall price correction, some blast furnace steel mills had begun to stop production for maintenance, and the supply pressure may be relieved in the later period.

Market outlook

Once demand gradually returns to normal, it is expected that the price of rebar and wire rod is expected to usher in a recovery.

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