SunSirs: Rebar Prices Rose Slightly on July 8
July 09 2021 14:23:00 SunSirs (John)
Price trend
On July 8, the latest price of rebar in Jiangsu, Zhejiang and Shanghai was 4,971.78 RMB/ton, an increase of 0.42% from the previous trading day and an increase of 38.73% from the beginning of the month.
Analysis review
The mainstream prices of rebar have risen sharply. At present, the base prices of rebars such as Huanghai, Yinxin, Guixin and Xinsanzhou are mostly around 4,940 RMB/ton, and the base prices of Zhongtian and Yonggang are 5,030-5,070 RMB/ton.
The market opened in the morning on the 8th, and mainstream resources were bidding steadily, and some resources were slightly increased by 10-20 RMB/ton. As prices continued to rise, market feared of high sentiment breed, and transactions continued to be sluggish, the basis for pushing up prices was not solid. Once the futures market adjusts, the spot price will follow suit and pull back.
Market outlook
The upward momentum of the rebar market is expected to narrow in the short term.
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