SunSirs: The Price of Rebar and Wire Rod Fell Slightly This Week (March 20-24)
March 27 2023 13:55:23 SunSirs (John)
Price trend
According to the price monitoring conducted by SunSirs, as of March 24, the prices of rebar and wire rod in Jiangsu, Zhejiang, and Shanghai regions decreased slightly this week. As of the 24th, the average price of HRB400 rebar in Jiangsu, Zhejiang, and Shanghai was about 4,151.11 RMB/ton, down 2.96% from the beginning of the week; the average high line price of HPB300 in Jiangsu, Zhejiang, and Shanghai was 4,364 RMB/ton, down 2.94% from the beginning of the week.
Analysis review
Market: Near the weekend, the national engineering demand was 64,616 tons, down 29.3% from the previous trading day and 28.2% from the same period last week. From January to February, the national investment in real estate development was 1,366.9 billion RMB, a year-on-year decrease of 5.7%; Among them, residential investment was 1,027.3 billion RMB, down 4.6%. From January to February, the housing construction area of real estate development enterprises was 7,502.4 million square meters, a year-on-year decrease of 4.4%. From January to February, the sales area of commercial housing was 151.33 million square meters, a year-on-year decrease of 3.6%, including a decrease of 0.6% in residential sales area.
Inventory and output:
This week, the weekly production and total inventory of the rebar and wire rod have decreased.
Upstream, the coke market continued to be stable; Port iron ore continued weak adjustment; The scrap market was weaker. By the end of the weekend, the market supply and demand had basically maintained a weak equilibrium, with a generally benign operation. However, under recent macro factors, the risk aversion sentiment of funds had a certain impact on the trading and investment in the rebar market. At the same time, the supply of raw materials tended to be loose, and the steel price had a tendency to follow the downward movement of costs. The overall situation was within a fluctuating range.
Market outlook
It is expected that in the short term, domestic rebar and wire rod prices may mainly operate in a volatile and weaker manner.
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