On August 17, the latest price of rebar in Jiangsu, Zhejiang and Shanghai was 4,197.78 RMB/ton, down 0.74% from the previous trading day and down 19.05% from the same period last year. On August 17, the price of wire rod in Jiangsu, Zhejiang and Shanghai was 4,546 RMB/ton, down 0.61% from the previous day and down 16.4% year-on-year.
Under the influence of high temperature weather, the performance of terminal demand was still insufficient, forming a strong resistance to the continuous rebound of prices. Considering the current low inventory pressure in most regions, the strong willingness of steel mills to support prices, and the relatively strong trend of raw materials recently, with the full implementation of the second round of coke increases and the continuous push up of scrap prices, the cost support is strong in the short term, and there is a certain support for the spot in the short term.
There is resistance on the top and support on the bottom. The spot trend is in a dilemma. It is expected that the price of rebar will fluctuate within a narrow range.
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