[SMM Sheets & Plates Daily Review] Short-Term Sheets & Plates Hold Up Well

Published: Aug 31, 2026 17:54

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The most-traded hot-rolled coil contract drifted higher today, closing at 3,412 late in the session, up 1.46% DoD; hot-rolled and cold-rolled coil spot prices rose to varying degrees. Supply side, the impact from rolling line maintenance fell WoW this week, and hot-rolled coil production showed an upward trend, but overall output remained relatively low. Demand side, during the transition from slack to peak season, no notable increase in end-use demand was seen yet; instead, with prices rising too quickly, end users held a strong wait-and-see sentiment, and there was some dip-buying in futures and spot demand. Cost side, after a nearly month-long pause, the Middle East situation flared up again; a tight refined product supply pattern took hold, and crude oil and related chemical products surged strongly. On the other hand, the reality of tight spot coking coal supply remained unchanged, ultimately driving coking coal and coke up in tandem. Overall, a flurry of new real estate policies was introduced last weekend; coupled with strong raw material support, ferrous metals market sentiment was warm. In the short term, hot-rolled coil prices are following cost-side trends, and the most-traded contract will continue to fluctuate at highs, but caution is needed over a pullback triggered by weaker-than-expected demand.

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