Price trend

On May 19, the latest price of rebar in Jiangsu, Zhejiang and Shanghai was 5,463.33 RMB/ton.

On the 19th, the price of rebar in Jiangsu, Zhejiang and Shanghai dropped compared to the previous day. The rebar quotations of major manufacturers were between 5,420-5,520 RMB/ton, an increase of 40-60 RMB/ton from previous day. The mainstream price of rebar in the market was 5,380-5,450 RMB/ton.

Analysis review

As for steel mills, steel mills lowered their ex-factory prices for construction steel by 200 RMB/ton. The downward adjustment area covered Northwest China, North China, Central China, East China, and South China. The areas with a large increase in the previous period (such as Northwest and North China) had a greater compensatory decline.

In terms of futures, the 2110 rebar contract opened at 5,599 RMB/ton, the highest price was 5,600 RMB/ton, the lowest price was 5,287 RMB/ton, and it closed at 5,309 RMB/ton, a decrease of 312 RMB/ton from the settlement price of the previous trading day.

In the market, rainfall affected construction, and the planned amount of construction sites was not large. Market transactions were basically terminal orders; large stockholders sold about 2,000 tons, and small and medium-sized companies billed three to four hundred tons at low prices.

Market outlook

The demand is not good, and the rebar price is expected to be weak in the short term.

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