According to the forecast, the release of domestic macro data over the weekend reveals a lot of good news for demand calls. At the same time, the euro zone decided to assist Spain and ease the crisis in the euro zone. Coupled with the strong performance of the rebar market over the weekend, it is expected to maintain its upward trend.
According to the monitoring data, domestic rebar prices continued to fall for the most part last week, with a slight rebound at the end of the week. On the 8th, the average price of rebar in the 25 major markets nationwide rose slightly. The average HRB40020MM rebar price was 4,241 yuan/ton, which was 4 yuan/ton lower than the price of the previous trading day, but it had fallen by 11 yuan/ton last week.
Over the weekend, the relevant domestic authorities continuously issued economic data for May. The data was not as pessimistic as expected. On the contrary, there is a lot of good news for the steel market. From January to May, the decline in investment growth in fixed assets slowed down, and the total planned investment for domestic new projects started to rise for the first time in the year. Imports and exports in May also hit a record high, and steel exports reached 5.23 million tons, setting a new high of 23 months. Internationally, the euro zone decided to provide 100 billion yuan in aid to Spain, and the euro zone’s financial crisis was temporarily eased.
In the market, last weekend with the sharp rise in billet prices and the central bank announced the rate cut, the rebar market sentiment has improved, some market prices rebounded slightly. Rebar stocks have also continued to decline, according to data, rebar stocks fell 51,000 tons last week, compared with the same period last year, the increase has narrowed. With the consolidation of data, the market price of rebar is expected to continue its trend of steady growth.
According to the monitoring data, domestic rebar prices continued to fall for the most part last week, with a slight rebound at the end of the week. On the 8th, the average price of rebar in the 25 major markets nationwide rose slightly. The average HRB40020MM rebar price was 4,241 yuan/ton, which was 4 yuan/ton lower than the price of the previous trading day, but it had fallen by 11 yuan/ton last week.
Over the weekend, the relevant domestic authorities continuously issued economic data for May. The data was not as pessimistic as expected. On the contrary, there is a lot of good news for the steel market. From January to May, the decline in investment growth in fixed assets slowed down, and the total planned investment for domestic new projects started to rise for the first time in the year. Imports and exports in May also hit a record high, and steel exports reached 5.23 million tons, setting a new high of 23 months. Internationally, the euro zone decided to provide 100 billion yuan in aid to Spain, and the euro zone’s financial crisis was temporarily eased.
In the market, last weekend with the sharp rise in billet prices and the central bank announced the rate cut, the rebar market sentiment has improved, some market prices rebounded slightly. Rebar stocks have also continued to decline, according to data, rebar stocks fell 51,000 tons last week, compared with the same period last year, the increase has narrowed. With the consolidation of data, the market price of rebar is expected to continue its trend of steady growth.
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