SunSirs: On May 5th, the Spot Price of Wire Rod and Rebar Was Weak and Fell
May 06 2023 14:17:06 SunSirs (John)
Price trend
On May 5th, the latest price of threaded steel in the Jiangsu, Zhejiang and Shanghai regions was 3,657.78 RMB/ton, a decrease of 2.4% from the previous trading day and a year-on-year decrease of 27.2%. The wire rod quotation in the Jiangsu, Zhejiang and Shanghai regions was 3,872 RMB/ton, a decrease of 2.32% compared to the previous trading day and a year-on-year decrease of 26.02%.
Analysis review
After the early opening of the market, the price of wire rod and rebar fell weakly, and the market's selling sentiment was high. The prices of raw materials were constantly falling, with the sixth round of reduction of 100 RMB/ton for coke being quickly implemented. At the same time, the macroeconomic environment at home and abroad still faced significant pressure, and market confidence was severely lacking. However, some steel mills recently reduced production due to losses, and supply side pressure may be eased. In the afternoon, the decline of the wire rod and rebar eased slightly.
Market outlook
It is expected that in the short term, the wire rod and rebar market will mainly fluctuate at low levels.
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