SunSirs: Wire Rod and Rebar Spot Prices Stabilized and Rebounded on July 19
July 20 2022 09:14:52 SunSirs (John)
Price trend
On July 19, the latest price of rebar in Jiangsu, Zhejiang and Shanghai was 3,836.67 RMB/ton, up 1.14% from the previous trading day and down 25.29% from the same period last year. The price of wire rod in Jiangsu, Zhejiang and Shanghai was 4,206 RMB/ton, up 1.2% from the previous trading day and down 21.82% from the same period last year.
Analysis review
On July 19, the quotations of Ф6.5-10mm high line of Jiujiang and Beitai were 3,880-3,980 RMB/ton; the base prices of Huanghai and Binxin were around 3,680-3,780 RMB/ton; the quotations of Zhongtian and Yonggang were at 3,770-3,870 RMB/ton.
With the sharp rebound in rebar futures and the continuous increase in billet, rebar prices rebounded, and market confidence returned to positive. In terms of transactions, the performance was acceptable, among which the enthusiasm of middlemen to enter the market increased, while the performance of terminal purchases was average. Currently in the off-season of traditional consumption, the overall demand performance is weak, and the current inventory is still high, there is still strong resistance to price rebound.
Market outlook
In the short term, the price of rebar may rebound slightly.
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