SunSirs: On November 2, Spot Price of Rebar and Wire Rod Rebounded Slightly
November 03 2022 09:47:45 SunSirs (John)
Price trend
On November 2, the latest price of rebar in Jiangsu, Zhejiang and Shanghai was 3,668.89 RMB/ton, up 0.49% from the previous trading day and down 27.7% year on year. On November 2, the wire rod price in Jiangsu, Zhejiang and Shanghai was 4,094 RMB/ton, up 0.49% from the previous day and down 23.13% year on year.
Analysis review
On November 2, the price of rebar and wire rod rose slightly. The first round of raw coke lifting and lowering was being implemented; The decline of port iron ore price slowed down; The price of scrap steel was temporarily stable.
On the last trading day, the national engineering demand was 129,614 tons, up 50.7% month on month and up 37.9% from the same period of last week. Spot price moved up from low. The transaction also improved, and the enthusiasm for terminal procurement warmed up. With the full callback in the early stage, the rebar and wire rod market was generally expected to rebound, but the demand was limited, and the rebound might be limited.
Market outlook
It is expected that the price of rebar and wire rod will maintain a narrow range of shocks in the short term
If you have any questions, please fee l free to contact SunSirs with support@sunsirs.com
- 2024-02-05 SunSirs: This Week, the Prices of Wire Rods and Rebar Were Mainly Weakly Downward (January 29-February 2)
- 2023-12-26 SunSirs: The Prices of Wire Rod and Rebar Had Slightly Increased This Week (December 18-22)
- 2023-12-18 SunSirs: This Week, the Prices of Wire Rod and Rebar Slightly Decreased (December 11-15)
- 2023-12-05 SunSirs: On December 4th, a Summary of Black Metal Trading on the Shanghai Futures Exchange
- 2023-11-28 SunSirs: This Week, the Prices of Wire Rod and Rebar Slightly Decreased (November 20-24)
