[SMM Sheets & Plates Daily Review] In the short term, sheets & plates continue to consolidate

Published: Jul 22, 2026 17:42

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. Intraday, the most-traded HRC contract moved sideways, closing at 3282, down 0.06%. In the spot market, HRC spot prices fell by 5-10 yuan/mt, while cold-rolled coil spot prices remained stable. Supply side, this week, the impact from hot-rolling maintenance was 185,100 mt, up 5,800 mt WoW. Next week, the impact from hot-rolling maintenance is expected to be 192,100 mt, up 7,000 mt WoW. Overall HRC supply pressure moved sideways. Demand side, sheets & plates remained in the off-season, and speculative demand was rarely seen. Cost side, daily average hot metal output fell by 13,500 mt this week, and the first round of coke price cuts was implemented. If raw materials lack disruptive factors, the short-term state will remain in the doldrums. Overall, earlier concentrated arrivals of resources in South China led to accelerated inventory accumulation. Inventories in other regions also continued to edge up slightly, and the supply-demand imbalance continued to widen. However, as long as macro expectations are not disappointed, HRC prices will continue to consolidate in the short term.

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