SunSirs: The Price of Wire Rod and Rebar Rebounded from a Low Level This Week (October 31 to November 4)
November 07 2022 14:41:22     SunSirs (John)Price trend
According to the price monitoring of SunSirs, as of November 4, the prices of rebar and wire rod in Jiangsu, Zhejiang and Shanghai rebounded slightly this week. As of the 4th day, the average price of HRB400 rebar in Jiangsu, Zhejiang and Shanghai was about 3,700 RMB/ton, up 1.03% from the beginning of the week; the average high line price of HPB300 in Jiangsu, Zhejiang and Shanghai was 4,110 RMB/ton, up 1.03% from the beginning of the week.
Analysis review
Market: As of the weekend, the national engineering demand was 81,708 tons, down 13.8% from the previous trading day, and up 3.1% year on year. From January to September, the construction area of real estate development enterprises was 8,789.19 million square meters, down 5.3% year on year.
Inventory and production: The total inventory and weekly output of rebar and wire rod decreased this week.
On the upstream side, some raw materials rebounded at a low level and coke remained stable after falling; The rebound of port iron ore prices slowed down; The scrap price was stable as a whole and rebounded partially. With the full callback in the early stage, the rebar and wire rod market generally had a rebound expectation, and the transaction had also improved. The enthusiasm of terminal procurement had warmed up, but the demand was limited, and the rebound might be limited.
Market outlook
It is expected that the price of wire rod and rebar will maintain a narrow amplitude shock trend in the short term.
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