Today, rebar futures experienced a significant decline, closing at 3,282 yuan, down 1.11% compared to the previous trading day. In the spot market, influenced by the drop in the futures market, spot prices in various regions fell to varying degrees, with declines ranging from 10-40 yuan/mt. Market caution increased, and overall sentiment was dominated by a wait-and-see approach, with weak transactions. On the fundamentals, supply side, according to SMM's weekly maintenance survey, this week's impact from construction steel maintenance was 1.4302 million mt, down 236,200 mt WoW, indicating an increase in supply. Demand side, as March progresses and the weather gradually warms, downstream demand in northern regions has been recovering at a faster pace. Overall, the current supply and demand fundamentals for construction steel show moderate conditions with increases on both sides. However, market sentiment remains weak due to the influence of the futures market, and construction steel spot prices are expected to fluctuate downward tomorrow.
