SunSirs: On November 7, Spot Prices of Wire Rod and Rebar Rose slightly
November 08 2022 10:28:51 SunSirs (John)
Price trend
On November 7, the latest price of rebar in Jiangsu, Zhejiang and Shanghai was 3,728.89 RMB/ton, up 0.78% from the previous trading day and down 23.34% year on year. On November 7, the quotation of wire rods in Jiangsu, Zhejiang and Shanghai was 4,154 RMB/ton, up 1.07% from the previous day and down 19.93% year on year.
Analysis review
On November 7, the prices of wire rod and rebar still rose slightly. The leading steel mills collectively raised the factory price. During the weekend, the factory price of ordinary carbon square billet in Tangshan, Hebei, increased by 30 RMB/ton (up 30 RMB/ton on Saturday, stable on weekdays), to 3,510 RMB/ton, 60 RMB/ton higher than last Sunday. The prices of wire rods and rebar across the country rebounded, among which, some steel mills in North China, East China and Southwest China raised the price, and the market quotation rose, but the transaction was not hot.
Market outlook
With the improvement of market sentiment, it is expected that the price of wire rod and rebar will fluctuate to be strong.
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