China's Sheet & Plate Export Prices Rise by $1-2/mt

[Market Sentiment Remained Primarily Cautious, Grain-Oriented Silicon Steel Prices Might Continue to Hold Steady Next Week] This week, grain-oriented silicon steel quotations were temporarily stable, with only limited recovery in transactions. HRC futures strengthened and then fluctuated this week, but Baowu's base prices for grain-oriented silicon steel in April remained stable, overall market sentiment stayed cautious, and procurement demand was unlikely to be released.

Today, the most-traded hot-rolled coil contract closed at 3,269, up 0.28%. In the spot market, spot hot-rolled prices in China were mostly stable with some gains, while spot cold-rolled prices were largely stable. Overall trading sentiment was moderate, and transactions at lower prices were moderate. Short term, hot-rolled coil inventory was expected to continue building up this week, though at a slower pace. Before the inflection point of inventory destocking emerges, finished steel products will likely struggle to break out of the broader market trend independently. In the short term, prices were expected to fluctuate rangebound in line with cost movements, with the HRC May contract facing pressure around 3,285.