SunSirs: On November 15, Spot Prices of Wire Rod and Rebar Rose and Fell
November 16 2022 09:06:14 SunSirs (John)
Price trend
On November 15, the latest price of rebar in Jiangsu, Zhejiang and Shanghai was 3790 RMB/ton, unchanged from the previous trading day, and down 18.88% year on year. On November 15, the price of wire rods in Jiangsu, Zhejiang and Shanghai was 4,212 RMB/ton, down 0.28% from the previous day and 15.46% year on year.
Analysis review
On November 15, spot prices of snails rose and fell at different levels. The raw coke ran stably temporarily; The price of port iron ore increased; Scrap steel prices rose partially. On November 14, the national engineering demand was 102,949 tons, down 19.2% from previous trading day, and down 6.3% weekly.
Although the recent positive macro news was released frequently, which boosted the market sentiment to a certain extent, under the influence of off-season factors, the demand side release had always been less than expected, and the price rebound space was limited.
Market outlook
Considering that the current inventory is low, and after the raw materials have stabilized and rebounded, the cost center has gradually moved up, and the support for spot goods has become stronger. In the short term, the price of domestic wire rod and rebar will mainly fluctuate in a narrow range.
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