SunSirs: This Week, Rebar and Wire Rod Prices Fluctuated and Fell (April 17-21)
April 23 2023 14:04:58 SunSirs (John)
Price trend
According to the price monitoring of SunSirs, as of April 21, the prices of threaded steel and wire rods in the Jiangsu, Zhejiang and Shanghai regions rose first and then fell this week. As of the 21st, the average price of HRB400 thread steel in the Jiangsu, Zhejiang and Shanghai regions was about 3,953.33 RMB/ton, a decrease of 1.08% compared to the beginning of the week; the average high line price of HPB300 in the Jiangsu, Zhejiang and Shanghai regions was 4,128 RMB/ton, a decrease of 1.24% compared to the beginning of the week.
Analysis review
Market aspect:
As the weekend approaching, the national engineering demand was 89,604 tons, a 23.2% increase compared to the previous trading day and a 10.7% increase compared to the same period last week. From January to March, real estate development enterprises received 3,470.8 billion RMB in funds, a year-on-year decrease of 9.0%. Among them, domestic loans amounted to 499.5 billion RMB, a decrease of 9.6%; Utilizing foreign investment of 800 million RMB, a decrease of 22.7%; Self raised funds of 1017.1 billion RMB, a decrease of 17.9%; Deposit and advance payment of 1190.9 billion RMB, a decrease of 2.8%; Personal mortgage loans amounted to 618.8 billion RMB, a decrease of 2.9%.
Inventory and Production
The weekly production and total inventory of the rebar and wire rod both decreased this week.
On the upstream side, the coke market was operating weakly and steadily; The iron ore in the port fluctuated and fell back; The scrap steel market remained stable with some declines. Due to the significant decline in raw material futures, the price of domestic spiral steel was inertia lowered, and the market's selling into corrections sentiment was high. Spot prices in various regions were decreasing rapidly, resulting in a significant cumulative decline. However, the transaction performance remained weak, and the enthusiasm of terminal buyers was not high.
Market outlook
It is expected that the domestic rebar and wire rod prices will remain weak and volatile in the short term.
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