SMM

SHANGHAI, Jun 2 (SMM) –Rebar futures closed up 2.84% at 3,546 yuan/mt yesterday. Spot prices also rose. As iron ore price rebound was much stronger than steel price rally, steel mills put pressure on coking plants, causing coke prices to record the tenth round of cuts. Blast furnace steel mills will be more willing to resume production. Market sentiment improved after rebar futures rallied, and trades in spot market also picked up. After bearish sentiment has been digested, rebar prices may go up further in the short term. Yet, rebar prices will remain bearish in the medium and long run as construction sector is about to enter the off-season.

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