SunSirs: On June 5th, the Spot Price of Wire Rod and Rebar Significantly Increased
June 06 2023 10:59:14 SunSirs (John)
Price trend
On June 5th, the latest price of rebar in the Jiangsu, Zhejiang and Shanghai regions was 3,642.22 RMB/ton, an increase of 3.54% from the previous trading day and a year-on-year decrease of 23.2%. The wire rod price in the Jiangsu, Zhejiang and Shanghai regions was 3,886 RMB/ton, an increase of 3.3% from the previous trading day and a year-on-year decrease of 23.53%.
Analysis review
During weekends, stimulated by rumors of production restrictions, the factory price of plain carbon steel billets in Tangshan, Hebei Province was increased by a total of 110 RMB to 3,500 RMB/ton, with a weekly increase of 200 RMB/ton. Stimulated by positive news, the price of rebar was significantly increased. However, after the price surged, the transaction of high-level resources was weak, and some areas were affected by rainy weather, which hindered downstream construction, resulting in poor overall transaction performance. As June 5th, there had not been a large-scale production restriction policy, and demand follow-up was insufficient, the overall upward trend of the market was difficult to sustain.
Market outlook
It is expected that the price of rebar will fluctuate to be stronger in the short term.
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