[SMM Steel]

On September 10, 2026, Zenith Steel Mill released its September Period 2 ten-day price adjustment. I. September Period 1 price difference compensation: 1. Wire rod: 110 2. Rebar: 125 II. September Period 2 provisional prices: 1. Wire rod: 3,700 (↑30) 2. Rebar: 3,350 III. The benchmark monthly discount rate for acceptance bills is adjusted to 0.48‰ [SMM Steel]

Today, the most-traded HRC contract settled at 3,375, down 0.47% on the day. In the spot market, HRC prices fell 10-20 yuan/mt, and CRC prices fell 10 yuan/mt. Transactions were weak today. The weekly HRC balance was released today: with fewer rolling line maintenance shutdowns, weekly production rebounded, and apparent demand rose in tandem. On the inventory side, this week SMM's survey of HRC social inventory across 86 warehouses nationwide (large sample) stood at 4.6625 million mt, up 21,100 mt WoW, or +0.45% WoW, and +28.06% YoY. By region, all regions saw inventory buildup except North China, which destocked slightly. On the cost side, the fifth round of coke price increases was implemented today. In the short term, HRC will remain in a game of cost support vs. demand pressure; futures and spot prices may consolidate around current levels. Going forward, attention should be paid to inventory trends and the pace of end-user procurement.

[Sheets & Plates] HRC and other sheets & plates export prices fell $1/mt WoW today, with HRC transaction prices concentrated in the $490-495/mt range. Market inquiries showed no significant change.