[SMM Sheets & Plates Daily Review] Futures Prices Maintain Fluctuating Trend, Attention on Raw Material Price Changes

Published: Apr 8, 2026 17:29

Save

HRC futures first dipped then rallied today. The most-traded contract closed at 3,282, up 0.06% WoW. Spot market side, market quotations showed mixed performance, with overall trading activity being relatively lackluster, though transactions at lower prices were moderate. In terms of supply, the impact from maintenance on hot-rolled production was 106,400 mt this week, down 88,800 mt WoW. Next week, the impact from maintenance on hot-rolled production is expected to be 11.7 mt, up 10,600 mt WoW, with overall supply still on an increasing trend. Demand side, end-user purchasing enthusiasm was unlikely to exceed expectations, with most purchases being need-based at lower prices. Inventory side, mainstream city inventory data was released today. Performance varied across markets, but overall destocking outpaced inventory buildup, and the overall destocking trend is likely to continue. Looking ahead, the US-Iran conflict reportedly entered the final stage of detail finalisation today. Attention should be paid to the impact of subsequent international disruptions on the raw material side. Meanwhile, the conclusion of the US-Iran conflict may boost market confidence in exports. In the short term, the most-traded HRC futures contract is expected to maintain a fluctuating trend of moving sideways.

HRC futures first declined then rebounded today, with the most-traded contract closing at 3,282, up 0.06% WoW. Spot market side, market quotations showed mixed performance, overall market transactions were relatively lackluster, though low-price transactions were moderate. In terms of supply, the impact from maintenance on hot-rolled production was 106,400 mt this week, down 88,800 mt WoW, and next week's hot-rolled maintenance impact is expected to be 11.7 mt, up 10,600 mt WoW, with overall supply still on an increasing trend. Demand side, end-user purchase enthusiasm was unlikely to exceed expectations, with most purchases made on demand at low prices. Inventory side, mainstream city inventory data was released today, with varied performance across markets, but overall destocking exceeded inventory buildup, and the overall destocking trend is likely to continue. Looking ahead, the US-Iran conflict reportedly entered the final stage of detail finalisation today. Attention should be paid to the impact of subsequent international disruptions on the raw material side. Meanwhile, the resolution of the US-Iran conflict may boost market confidence in the export side. In the short term, the most-traded HRC futures contract is expected to maintain a fluctuating trend of moving sideways.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

12 hours ago

Pre-Labour Day Holiday Restocking and Stockpiling, Suppliers' Offers Remained Firm, Magnesium Prices Rose for Two Consecutive Days [SMM Commentary]

12 hours ago

[SMM Steel] Structural constraints slow India’s transition toward green steel

[SMM Steel] India’s push toward green steel faces significant practical challenges despite strong policy ambitions. Scrap-based production via EAF/IF is seen as the most viable near-term pathway, but logistics disruptions, high freight costs, and reduced scrap exports from Europe are tightening supply conditions. Moreover, scrap alone cannot meet the requirements for high-grade flat steel production, limiting its role in full decarbonisation. While hydrogen-based DRI offers long-term potential, adoption remains limited. As a result, most new capacity still relies on coal-based production, indicating that India’s green steel transition will likely remain gradual, dependent on improvements in scrap supply chains and clean energy availability.

12 hours ago

[SMM Steel] JSW and JFE establish 50:50 integrated steel JV in India

[SMM Steel] JSW Steel and JFE Steel Corporation have officially formed JSW JFE Steel Limited, a 50:50 joint venture focused on an integrated steel plant in Odisha. The project, finalized on March 30, 2026, has an annual crude steel capacity of 4.5 mln mt and will produce both flat and long products for automotive and construction sectors. Backed by JFE’s investment of ~JPY 270 bn, the JV aims to capitalize on India’s strong demand growth, leveraging proximity to iron ore resources and established logistics to enhance cost efficiency and secure raw material supply.

12 hours ago