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SunSirs: This Week, the Prices of Wire Rods and Rebar Were Mainly Weakly Downward (January 29-February 2)

February 05 2024 09:51:24     SunSirs (John)

Price trend

According to the price monitoring of SunSirs, the prices of rebar and wire rods in the Jiangsu Zhejiang Shanghai region had slightly decreased this week. As of the 2nd, the average price of HRB400 rebar in the Jiangsu Zhejiang Shanghai region was about 3,894 RMB/ton, a decrease of 0.51% from the beginning of the week; The average price of high line HPB300 was 4,159.2 RMB/ton, a decrease of 0.34% from the beginning of the week.

Analysis review

In terms of the market, the futures of rebar fluctuated at a low level during trading, with weak fluctuations in spot prices. However, more markets already had prices but no market. Last night, the black metal commodity market was weak and consolidated; On February 2nd, the domestic construction steel market opened steadily with some declines; During the trading session, the rebar futures fell sharply and there were few spot trades; Overall, the future rebar market was operating at a low level, and spot prices were basically closed.

According to data from the General Administration of Customs, China exported 7.728 million tons of steel in December 2023, a decrease of 277,000 tons from the previous month and a decrease of 3.5% compared to the previous month; From January to December, the cumulative export of steel reached 90.264 million tons, a year-on-year increase of 36.2%.

Inventory and Production

This week, the production of rebar and wire rod increased, and inventory also increased. In terms of supply, short process steel mills were on vacation, while long process steel mills were losing money and their production enthusiasm had decreased. The rebar circumference production had dropped to the lowest level since statistical data was available in 2015. Downstream construction projects had been basically suspended, steel traders had also been taking holidays and leaving the market, and the spot market had gradually shifted to a situation of price without market.

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