According to the forecast of "My Steel Network" before the market, rebars in major markets such as Shanghai, Hangzhou, Wuhan and Chongqing will remain stable or weak on the 7th.
According to the monitoring data, the rebar prices in 25 major markets across the country weakened steadily on the 6th, and the average HRB400 20MM rebar price was RMB 4,409/t, which was RMB 7/t lower than the price of the previous trading day. The decline in the northern market was more pronounced, and prices in some markets in East China also fell.
Due to the lack of power in the market last week, most market makers quoted prices more conservatively yesterday, prices were mainly weak, and some markets directly reduced prices slightly. At the same time, yesterday's Day of Lantern Festival, the market closed earlier, further affecting the market trading atmosphere.
At present, market demand has still not been able to start. In the short term, most regions in China will continue to experience low-temperature weather, which is not conducive to the return of downstream businesses. Last week, the market pulled up and took no fruit, further depressing market confidence. On the other hand, a slight increase in the billet market last weekend, together with the fact that most of the factory prices remain flat, may provide some support for market prices. The overall price is expected to remain weak today.
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