SunSirs: On November 16, Spot Prices of Wire Rods and Rebar Rose Slightly
November 17 2022 10:21:59 SunSirs (John)
Price trend
On November 16, the latest price of rebar in Jiangsu, Zhejiang and Shanghai was 3,817.78 RMB/ton, up 0.73% from the previous trading day and down 18.35% year on year. On November 16, the wire rod price in Jiangsu, Zhejiang and Shanghai was 4,242 RMB/ton, up 0.71% from the previous day, and down 14.75% year on year.
Analysis review
The prices of wire rods and rebar in most regions of the country rose slightly by 10-30 RMB/ton. The willingness of terminal procurement has recovered, and the enthusiasm of middlemen to enter the market has also improved. Recently, boosted by the macro positive, the demand side showed signs of continuous recovery. In addition to factors such as the low recovery of raw materials and low inventory level, businesses expected the future market to gradually improve.
Market outlook
It is estimated that in the short term, the domestic wire rod and rebar prices may be dominated by strong operation.
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