SunSirs: Spot Prices of Wire Rod and Rebar Fluctuated within a Narrow Range on August 9
August 10 2022 09:15:11 SunSirs (John)
Price trend
On August 9, the latest price of rebar in Jiangsu, Zhejiang and Shanghai was 4,167.78 RMB/ton, down 0.11% from the previous trading day and down 18.9% year-on-year. On August 9, the price of wire rod in Jiangsu, Zhejiang and Shanghai was 4,568 RMB/ton, down 0.13% from the previous day and down 15.63% from the same period last year.
Analysis review
As the price of raw materials stabilized and rebounded, the support for spot goods continued to be strengthened, and the increase in coke was fully implemented. However, due to the recent continuous high temperature, the release of terminal demand was limited, and the overall transaction performance was not good. At present, the domestic wire rod and rebar market is still in the destocking stage. With the accelerated production resumption of steel mills, the supply side may pick up in the later stage, while the demand side release is still unstable.
Market outlook
It is expected that the wire rod and rebar market may fluctuate within a narrow range.
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