SunSirs: On October 9, Spot Prices of Wire Rod and Rebar Rose Slightly
October 10 2022 09:56:12 SunSirs (John)
Price trend
On October 9, the latest price of rebar in Jiangsu, Zhejiang and Shanghai was 4,035.56 RMB/ton, which was 0.22% lower than the previous trading day, down 32.1% year on year. On October 9, the price of wire rods in Jiangsu, Zhejiang and Shanghai was 4,254 RMB/ton, up 0.19% from the previous day and down 31.05% year on year.
Analysis review
After the festival, the wire rod increased slightly, but after the price increased, the willingness of terminal procurement decreased significantly, and the demand after the festival had not been officially started, so the overall demand performance was average. With the slight loosening of Tangshan billets, wire rod prices in some regions have been secretly reduced.
Market outlook
It is expected that the wire rod price will be mainly sorted out in shock in the short term.
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