Market Review
On the previous trading day, most of the domestic construction steel market stabilized at the opening, with slight fluctuations during the session, and sales fell again month-on-month. At the opening today, the domestic construction steel market generally fell sharply due to the pressure of macro news, with partial adjustments during the session and average shipments. Overall, the futures performance of rebar was weak, and spot prices were reduced for promotion.
As of noon, the base prices of rebar (seismic) in some domestic markets were as follows: 3170-3180 yuan/ton in Shanghai market; 3170-3180 yuan/ton in Beijing market; 3330-3340 yuan/ton in Guangzhou market; 3180-3190 yuan/ton in Hangzhou market; 3180-3190 yuan/ton in Nanjing market; 3090-3100 yuan/ton in Xi'an market. Month-on-month, as of the morning close, prices in major markets across the country fell sharply.
2. Market analysis
Today's market trend is overall downward. According to the building materials quotations of 69 cities tracked by Xiben, 99% of the cities fell at the opening, and the market fluctuated weakly in the afternoon. As of the closing, the prices of leading resources in Shanghai, Hangzhou, Nanjing and other places fell by 50-70 yuan/ton. According to feedback from the Shanghai market, today's base price of earthquake-resistant rebar from small factories is between 3050-3080 yuan, and the base price of Yonggang rebar from factories is between 3140-3160 yuan/ton.
As of the day's closing, the settlement price of the main rebar contract closed down 82 yuan to 3083 yuan, and the settlement price of the main iron ore contract closed down 3.36% to 762.50 yuan.
3. Market prediction
Today, the futures rebar struggled at a low level, the spot price fell collectively, and the demand performance was flat. It is expected that the domestic construction steel market price will continue to be weak in the next trading day.
