[SMM Ningbo HRC Inventory] Ningbo Inventory Continues Destocking

This week, Lecong HRC inventory stood at 981,200 mt, up 29,600 mt WoW (+3.11%); it was up 49.19% YoY based on the solar calendar and 55.67% YoY based on the lunar calendar.

This week, Shanghai HRC inventory was 418,800 mt, down 4,200 mt WoW, a decline of 0.99%; up 46.43% YoY on a calendar basis.

[Turkey] Dragged down by market weakness, Turkish domestic rebar prices edged down by 1 USD/tonne to 591.5 USD/tonne EXW. As the depreciation of the lira continues to push up local currency costs, domestic traders have largely adopted promotional pricing strategies, offloading inventories at levels below mill dollar offers. Although mills attempted to hold prices firm last week, they were forced to compromise amid sluggish demand: some mills in the Marmara region lowered their offers by 5 USD/tonne to 605-610 USD/tonne EXW, while offers from Izmir mills also dropped to 585-590 USD/tonne EXW. On the macroeconomic front, rising costs stemming from geopolitical conflicts and a high-interest-rate environment continue to suppress downstream demand, with the market generally expecting limited room for a summer construction rebound. Export activity remains equally subdued, with EU buyers showing insufficient interest in purchasing Turkish material.