SunSirs: Spot Prices of Wire Rod and Rebar Fluctuated Within a Narrow Range on July 27
July 28 2022 15:21:04 SunSirs (John)Price trend
On July 27, the latest price of rebar in Jiangsu, Zhejiang and Shanghai was 3,866.67 RMB/ton, up 0.04% from the previous trading day and down 26.32% from the same period last year. On July 27, the price of wire rod in Jiangsu, Zhejiang and Shanghai was 4,244 RMB/ton, up 0.16% from the previous trading day and down 21.12% from the same period last year.
Analysis review
On the 27th, spot prices of wire rod and rebar fluctuated slightly. The price of raw materials fluctuated in a narrow range, among which the price of iron ore rebounded slightly, and the fifth round of coke reduction has not yet been implemented. As the price of raw materials stabilized at a low level, the cost support was strengthened.
The current off-season features are obvious, and the rhythm of terminal demand release is less than expected. Without the cooperation of trading volume, the price increase in the short term is hindered. In addition, affected by high temperature weather, downstream demand was flat. In addition, the Fed's interest rate hike is imminent, the market trading sentiment is general, and speculative trading is also weak, and the market sentiment is mainly wait-and-see.
Market outlook
The price of wire rod and rebar is expected to fluctuate and consolidate in the short term.
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