Data: SHFE, DCE market movement (Apr 30)

SMM News Flash:  [HRC] Today's HRC export prices rose $1/mt MoM, with most market quotes above $500/mt. However, according to market feedback, a quote of $480/mt was seen today, likely an MD price. [India] Domestic steel mill prices in India remained stable, with ex-factory prices at 625-630 USD/tonne. Mills held prices firm due to good order-taking and upward cost pressure. However, spot trading market sentiment was weak, and coupled with energy supply issues at downstream processing enterprises, procurement was mainly driven by steel demand.

The core logic of the South American steel market is that end-user demand drives everything. Consumption demand is the starting point, filled jointly by local production and imports; imports act as a regulating valve rather than a driving force.

Social inventory of HRC was 3.0182 million mt this week, down 151,200 mt from the previous week (-4.77% WoW, +41.59% YoY, +17.81% YoY on a lunar calendar basis). Mill inventory of HRC was 1.0153 million mt this week, down 1,500 mt from the previous week (-0.15% WoW, -7.28% YoY, -8.64% YoY on a lunar calendar basis). Total HRC inventory was 4.0335 million mt this week, down 152,700 mt from the previous week (-3.65% WoW, +25.00% YoY, +9.81% YoY on a lunar calendar basis).