[SMM Sheets & Plates Daily Review] Limited Momentum on Both Sides, Sheets & Plates Prices to Move Sideways in the Short Term

The most-traded hot-rolled coil (HRC) futures contract started strong but weakened during the session, closing at 3,245 with a daily gain of 0.03%. In the spot market, HRC prices fluctuated rangebound, while cold-rolled coil prices remained in the doldrums.

Data-wise, this week's large-sample HRC inventory in Ningbo stood at 304,800 mt, down 23,100 mt WoW (-7.04%); Shenyang HRC inventory was 97,000 mt, down 6,200 mt WoW (-6.01%); Lecong HRC inventory reached 807,000 mt, up 5,800 mt WoW (+0.72%); Shanghai HRC inventory totaled 367,300 mt, down 26,500 mt WoW (-6.73%). SMM HRC inventory data is expected to show a further decline tomorrow.

In the short term, maintenance coupled with environmental protection-driven production restrictions in some northern markets has eased supply pressure, and the supply-demand imbalance for steel products is not yet prominent. HRC prices are likely to move sideways in the near term, with limited upward or downward momentum.