Reported about 1 year ago
Senior reporter Lin Xianxiang on July 1, 2024, reports that due to the fluctuation of international scrap steel raw material prices, a wait-and-see sentiment in the rebar market, and weather disturbances, the momentum of rebar price hikes is insufficient. As a result, Fong Hsing, a major electric furnace plant, has frozen rebar prices for 11 consecutive weeks as of July 1, with 9 weeks of flat prices and 2 weeks of lower opening prices. Fong Hsing attributed this to unstable raw material trends and uncertainty, causing downstream rebar traders to remain cautious. However, they anticipate an improvement in rebar shipments in July as the rainy season ends or heavy rains ease. Fong Hsing opened the week with flat prices for scrap steel, rebar, and section steel products, keeping purchase prices steady at 10,500 yuan per metric ton for scrap steel, 19,100 yuan per metric ton for rebar, and 26,200 yuan per metric ton for section steel. Looking ahead, industry players believe that international scrap steel raw material prices have bottomed out, with limited further declines, and anticipate a rebound in the market as long as raw material trends are clear and demand for rebar remains stable.
Source: YAHOO