SMM Steel Morning Meeting: Hot-Rolled Coil Prices Fluctuate, Manufacturing PMI Rebounds

Publicado: Nov 1, 2024 07:30
[SMM Steel Morning Meeting Minutes: Hot-Rolled Coil Prices Fluctuate Narrowly, Downstream Purchasing Remains Cautious] In the spot market, transaction volumes in most markets were relatively weak, and end-user purchasing was cautious. On the news front, China's official manufacturing PMI for October was released, with a previous value of 49.8 and an expectation of 49.9, but the actual figure was 50.1. This was higher than both expectations and the previous value, up 0.3 percentage points from the previous month, marking the second consecutive monthly increase, and indicating a rebound in manufacturing sentiment. SMM's hot-rolled coil supply-demand balance and mainstream city inventory data have been released. Due to maintenance at some steel plants, hot-rolled coil production for this week declined compared to the previous week; the decline in social inventory narrowed, while mill inventory decreased slightly, with overall inventory continuing to decline; apparent demand cooled slightly, but manufacturing demand remained resilient in the short term, and fundamental contradictions in the hot-rolled coil market were not prominent...

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