Today, rebar futures showed a deep "V" trend, closing at 3,329 points, up 0.48%. In the spot market, morning spot prices in various regions continued to rise, but mid-session trading activity was less active than yesterday. When the futures market weakened, prices in some markets saw slight adjustments. Overall transactions were significantly lower than yesterday. On the fundamentals side, construction steel production increased slightly this week, and the growth rate of inventory continued to slow, while the turning point for in-plant inventory arrived earlier than expected. According to the SMM survey, total rebar inventory this week was 8.0714 million mt, up 139,800 mt WoW, an increase of 1.76% MoM, but down 34.42% YoY on a lunar calendar basis. The absolute inventory level remains relatively low. Demand side, end-use demand in northern regions started relatively slowly, and the overall resumption pace nationwide was slower YoY. With the sharp rise in futures yesterday, speculative demand was released, and concentrated restocking by end-users partially overdrew future demand. In summary, construction steel prices are expected to remain stable tomorrow.
