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Inventory, as of August 17, the domestic steel major cities of the social stock of 14.79 million tons, a decrease of 350,700 tons compared with August 10, the stock fell 2.31%. Domestic the rebar social inventory was 6,198,200 tons, a substantial reduction of 215,700 tons compared with August 10, destocking speed began to accelerate.

Demand side, the terminal procurement consecutive low rebound. As of August 17, the week terminals purchases of 24,800 tons, ring up more than 9,799 tons. Continuous low last week in the beginning of the week end demand focus on heavy volume, market turnover also rebounded, but the next half turnover and some down. Overall, the sales this week than last week appeared certain pick-up site procurement is not active, the downstream demand is still weak, the terminal procurement volume is expected to be difficult to sustain heavy volume to boost limited effect on the steel.

Spot, the steel production capacity diminished makes rebar national average price to rebound slightly mortality into decline, steel price hit a nearly two-year low. August 21, rebar national average price of 3598 yuan / ton, down 24 yuan / ton compared to August 10, the price has dropped to the level of October 2009. Iron ore, coke, scrap steel prices are falling, in terms of the spot price of iron ore in Qingdao Port, based on Jin Xincheng the profit model, the national average price estimate tax after August 21 rebar gross profit of 67 yuan / ton estimate gross margin upward, rebar cost support to continue to weaken.

Early August, steel production capacity to be increased rather than decreased, the supply pressure is still huge. The support of the cost of steel prices further down. Macro level, in July, most of the urban real estate prices qoq rise, real estate is about to face further regulation. The view from the current government policies and activities, the property tax pilot expansion may be introduced. After the expansion of the real estate tax, real estate speculation demand will be further compressed. Difficult for real estate is expected to turn for the better case, rebar demand for rare-than-expected recovery. Taken together, the cost down, capacity diminished so that the spot prices to new lows, rebar prices will continue to be weak in the future demand is difficult to be improved quickly downstream.