[SMM Steel]

The most-traded HRC contract closed at 3,286 today, up 0.15%. In the spot market, cold-rolled and hot-rolled coil prices held steady with an increase of 10 yuan/mt, while trading was average. City HRC inventory data showed slight declines in Zhangjiagang and Shenyang, while Lecong, Ningbo, and Shanghai extended their inventory buildup. Social inventory is expected to continue its off-season buildup trend this week. Cost side, the second round of coke price cuts was officially implemented today. Demand side, off-season sentiment is strong, downstream procurement largely adopts a wait-and-see stance, and demand lacks new growth drivers for now. Looking ahead, with the Politburo meeting at month-end approaching, the market maintains positive expectations for the meeting’s content. However, given weak fundamentals, price fluctuation room remains limited. Sheets & plates prices are expected to stay in a bottom-range consolidation, waiting for a new upward period.

[SMM HRC Daily Trading Volume] On July 29, the total daily HRC trading volume of sampled enterprises across SMM’s four cities (Shanghai, Lecong, Tianjin, Ningbo) reached 12,460 mt, up 480 mt (+3.6%) on a daily basis, up 27.66% Gregorian calendar YoY and down 26.40% lunar calendar YoY.