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SunSirs: On June 23, Spot Prices of Wire Rod and Rebar Stabilized and Rebounded
June 24 2022 10:12:39SunSirs(John)

Price trend

On June 23, the latest price of rebar in Jiangsu, Zhejiang and Shanghai was 4,195.56 RMB/ton, down 0.61% from the previous trading day and down 12.81% from the same period last year. The latest price of wire rod in Jiangsu, Zhejiang and Shanghai was 4,546 RMB/ton, down 0.53% from the previous trading day and down 14.81% year-on-year.

Analysis review

On June 23, the quotations of Ф6.5-10mm high wires such as Jiujiang and Beitai were at 4,250-4,290 RMB/ton; the mainstream price of rebar fluctuated within a narrow range, and the base prices of Huanghai and Binxin were around 4,040-4,080 RMB/ton; the quotations of Zhongtian and Yonggang for delivery by the factory were 4,170-4,210 RMB/ton.

The spot market for rebar remained weak. With the advent of hot weather, the release of demand was blocked, and the market sentiment was not good. With the rapid increase in temperature, the release of demand was weak. However, in the late afternoon, the snail fluctuated higher and the market sentiment was boosted, and the spot price of rebar stopped falling and stabilized.

Market outlook

Fundamentally, the inventory level is still at a high level, superimposed on the slow pace of resumption of work and production recently, and the release of the demand side has been delayed as expected, but the price is at a low level, and the price of rebar may fluctuate in a narrow range in the short term.

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