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SunSirs: This Week, the Prices of Rebar and Wire Rod Fluctuated and Rose (September 11-15)
September 19 2023 10:36:43SunSirs(John)

Price trend

According to the price monitoring of SunSirs, the prices of rebar and wire rods in the Jiangsu, Zhejiang and Shanghai regions had fluctuated and risen this week. As of the 15th, the average price of HRB400 thread steel in the Jiangsu, Zhejiang and Shanghai regions was about 3,764 RMB/ton, an increase of 1.32% compared to the beginning of the week; the average price of high line HPB300 was 3,937.2 RMB/ton, an increase of 0.92% compared to the beginning of the week.

Analysis review

Market aspect: As the weekend approached, the national engineering demand was 80,745 tons as of September 14th, an increase of 48.85% compared to the previous trading day. From January to July, the construction area of real estate development enterprises' houses was 7,996.82 million square meters, a year-on-year decrease of 6.8%. Among them, the residential construction area was 563,026 million square meters, a decrease of 7.1%. The newly constructed area of houses was 569.69 million square meters, a decrease of 24.5%. Among them, the newly constructed residential area was 415.46 million square meters, a decrease of 25.0%. The completed area of houses was 384.05 million square meters, an increase of 20.5%. Among them, the completed residential area was 279.54 million square meters, an increase of 20.8%.

According to data from the General Administration of Customs, in August 2023, China exported 8.282 million tons of steel, an increase of 974,000 tons compared to the previous month and a month on month increase of 13.4%; From January to August, a total of 58.785 million tons of steel were exported, a year-on-year increase of 28.4%. From the data, the domestic steel export volume had reversed its two consecutive months of decline and reached the second highest level within the year.

Inventory and Production: This week, the weekly production and total inventory of rebar and wire rod decreased slightly.

On the upstream side, the coke performance was good; Port iron ore fluctuated and consolidated; The scrap steel market was generally stable. The central bank lowered the reserve requirement ratio, enhanced confidence in the capital market, and boosted market sentiment, leading to an increase in prices. Spot transactions were weak, social inventory continued to decline, and steel billets remained stable. In the past two days, there was excessive rainfall, and the construction site only required a small amount of goods. Intermediaries purchased according to orders.

Market outlook

Before the holiday, there is a certain stock demand for rebar and wire rod, and it is expected that the price of rebar and wire rod will fluctuated to be stronger in the short term.

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