Price trend
On November 10, the latest price of rebar in Jiangsu, Zhejiang and Shanghai was 3,721.11 RMB/ton, down 0.39% from the previous trading day and 20.03% year on year. On November 10, the latest price of wire rods in Jiangsu, Zhejiang and Shanghai was 4,164 RMB/ton, up 0.29% from the previous day and down 16.52% year on year.
Analysis review
On November 10, spot prices of wire rods and rebar rose and fell at different levels. The third round of raw coke lifting and lowering had not been implemented yet; Port iron ore prices continued to rise; The scrap price remained stable as a whole.
At present, the epidemic situation in China is spreading in many places, which has a great impact on logistics transportation and terminal demand. The market sentiment was generally not smooth, and the quotations were mostly declining secretly.
Market outlook
The recent low level recovery of raw materials and low inventory of construction steel still have some support for spot goods in the short term. It is expected that in the short term, the domestic wire rod and rebar prices will be dominated by narrow amplitude shock finishing operation.
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