SunSirs: Spot Prices of Wire Rods and Snails Fell Slightly on November 8
November 09 2022 10:16:06 SunSirs (John)
Price trend
On November 8, the latest price of rebar in Jiangsu, Zhejiang and Shanghai was 3,708.89 RMB/ton, down 0.54% from the previous trading day and 23.86% year on year. On November 8, wire rods in Jiangsu, Zhejiang and Shanghai were quoted at 4,134 RMB/ton, down 0.48% from the previous day and 20.80% year on year.
Analysis review
On November 8, spot prices of wire rod and rebar fell slightly. Futures prices of wire rod and rebar weakened in the morning and strengthened in the afternoon. In view of the insufficient demand release recently, market confidence weakened again and the price rebound was blocked. However, considering that the raw material price had rebounded at a low level and the domestic construction steel inventory was at a low level, there was still some support for the price in the short term. At the end of the trading day, the future rebar ended in red in shock, the market sentiment was slightly warmer, and the spot stocks around the country showed a trend of stabilizing.
Market outlook
It is expected that in the short term, the domestic wire rod and rebar prices will mainly be adjusted and operated by shocks.
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