整体供需结构转弱 螺纹钢价格仍有回调空间

Core Viewpoint - The steel market is experiencing a decline in demand due to seasonal factors, leading to reduced production rates and inventory depletion, indicating potential price adjustments in the future [4]. Price Adjustments - On December 15, Shougang Changgang announced that the price of HRB400E rebar remained stable at 3050 yuan per ton [1]. Market Prices - As of December 15, various market prices for rebar in Hangzhou are as follows: - Pinggang φ16-φ20 HRB400 at 3190 yuan per ton [2] - Zhongtian HRB400 φ16 at 3180 yuan per ton [2] - Yonggang φ16 at 3190 yuan per ton [2] - The futures market closed with the main rebar contract at 3074.00 yuan per ton, reflecting a slight increase of 0.13% [2]. Production and Inventory - On December 15, Zhongtian rebar was priced at 3230 yuan per ton, with a reported shipment of 97,000 tons, a decrease of 8,000 tons compared to the previous week [3]. - Inventory levels in Hangzhou reached 697,000 tons, down by 85,000 tons from the previous week [3]. - In the Beijing-Tianjin-Hebei region, the capacity utilization rate of 27 rebar production enterprises decreased by 2.13% compared to the previous week, with total rebar production down by 9.47% [3]. Market Analysis - According to Zhengxin Futures research, the seasonal demand decline has led to reduced operating rates for both blast furnaces and electric furnaces, resulting in a slower pace of inventory depletion and a weakening overall supply-demand structure, suggesting that prices may have room for adjustment [4].