[SMM Sheets & Plates Daily Review] Futures First Declined Then Rebounded, Short-term Trend Unchanged

Published: May 20, 2026 18:16

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Today, the most-traded hot-rolled coil (HRC) contract first declined then rebounded, closing at 3,428 at the end of the session, down 0.03% intraday. HRC spot prices mostly fell 10-20 yuan/mt today, with some markets remaining stable. In terms of supply, the impact from maintenance on hot-rolled production this week was 137,500 mt, down 98,500 mt WoW. Next week, the impact from maintenance on hot-rolled production will be 185,500 mt, up 48,000 mt WoW, with overall pressure being neutral. Demand side, end-users still mainly purchased at low prices, and futures-spot arbitrage continued to ship at low prices. Cost side, after macro front disturbances diminished, short-term cost support weakened somewhat. Looking ahead, the supply-demand imbalance in HRC fundamentals showed some diverg

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