SunSirs: On November 9th, the Spot prices of Rebar and Wire Rod Slightly Increased
November 10 2023 10:01:53 SunSirs (John)
Price trend
On November 9th, the latest price of rebar in the Jiangsu, Zhejiang and Shanghai region was 3,935.11 RMB/ton, an increase of 1.17% from the previous trading day and a year-on-year increase of 5.34%. The latest price of wire rod in the Jiangsu, Zhejiang and Shanghai region was quoted at 4,125.2 RMB/ton, up 0.54% from the previous trading day and down 0.65% year-on-year.
Analysis review
The national building materials needed 428.69 (-30.36), and the inventory was 872.51 (-39.98). Although the demand for rebar had decreased, they still maintained a high speed of inventory removal, and steel mills' profits had improved. It is expected that the reduction in production by steel mills will be limited in the future. Iron ore and double coke, which were subject to tight underwater supply and inventory of high-speed rail, will still provide strong cost support for rebar. The rapid recovery of electric furnace production and the belief in the market that the current price was too high may result in significant pressure for winter storage, which may bring downward pressure on prices.
Market outlook
The basic surface of the rebar is relatively good, while the macro level is generally warm and not weak in the off-season. It is expected that the overall trend of the rebar will continue to be volatile and stronger.
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