Publicado: Aug 8, 2024 17:30
【SMM Daily Review of Hot Rolled Coil: Prices Hit New Annual Low, Market Sentiment Remains Depressed】Today, the hot rolled coil futures market experienced a significant decline, closing at 3415 by the afternoon, with a loss of 2.04%. The futures market showed clear signs of weakness, with a strong sentiment of wait-and-see among investors and a lackluster trading atmosphere. Most mainstream markets saw poor intraday trading volumes for hot rolled coils. According to SMM research, new steel plant maintenance in North China has been added this week, while maintenance at some steel plants in Southwest, Northeast, and East China continues, leading to a further decrease in hot rolled coil production on a month-on-month basis. However, apparent demand data also indicated a slight decline, and inventory accumulation persisted, albeit at a slower pace. Looking ahead, the recent密集 maintenance plans at steel plants suggest that the short-term output increase will be limited. Downstream demand is expected to remain dominated by on-demand purchasing in the short term, with no significant improvement observed. In conclusion, hot rolled coil prices are expected to continue fluctuating within a range in the short term, with weak cost support.

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【SMM Daily Review of Hot Rolled Coil: Prices Hit New Annual Low, Marke - Shanghai Metals Market (SMM)