[SMM Sheets & Plates Daily Review] Short-term consolidation in sheets & plates unlikely to reverse

Published: Jul 21, 2026 17:42

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During the day, the most-traded HRC contract fell first and then rose, closing at 3,297, down 0.27%. In the spot market, HRC spot prices were in the doldrums; cold-rolled spot prices fell by 10 yuan/mt. Supply side, this week's impact from maintenance on hot rolling was 185,100 mt, up 5,800 mt WoW. Next week's impact from maintenance on hot rolling is expected to be 192,100 mt, up 7,000 mt WoW from this week. HRC overall supply pressure moved sideways. Demand side, sheets & plates remain in the off-season, and periodic industry factors have also struggled to stimulate demand growth. Cost side, hot metal remains on a downward trajectory, and the first round of coke price cuts is being proposed. If raw materials lack disruptive factors, they will remain in the doldrums in the short term. Overall, today, the "17 New Regulations for Coordinating Coal Industry Development and Safety in Shanxi Province" is about to be released. Coking coal and coke were the first to stabilize and rebound, and sheets & plates followed with an uptick. But in reality, the fundamentals of sheets & plates still lack clear drivers, so HRC prices are expected to remain in consolidation in the short term.

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