HRC Inventory for the Fourth Week of February 2026

[Post-holiday silicon metal market activity gradually recovers; focus on operating rate changes on both supply and demand sides]: During the first workweek after the Chinese New Year holiday, downstream users of silicon metal mainly inquired about prices, with only small volumes of rigid demand restocking transactions concluded. Trading firms engaging in both spot and futures market quoted prices actively, while silicon enterprises mostly maintained stable offers and adopted a wait-and-see stance compared to pre-holiday levels. As of February 26, SMM oxygen-blown #553 silicon in east China was at 9,200-9,300 yuan/mt, #441 silicon at 9,300-9,500 yuan/mt, and #3303 silicon at 10,200-10,400 yuan/mt. On the export front, overseas users showed active inquiry performance after the holiday, but export order prices remained involutionary. In the futures market, the most-traded contract weakened on Thursday afternoon, closing at 8,335 yuan/mt at the end of the session. Throughout the week, the most-traded contract moved within a range of 8,330-8,495 yuan/mt. Most silicon enterprises maintained strong wait-and-see sentiment with stable offers, while futures consolidated at lows and trading firms engaging in both spot and futures market quoted actively, resulting in on-demand transactions in the market.

DCE iron ore futures were in the doldrums today, with the most-traded contract I2605 closing flat at 748.5 yuan/mt. Spot prices fell 2-4 yuan/mt from the previous trading day.

The American Iron and Steel Institute (AISI) reported that for the week ending February 14, 2026, US domestic raw steel production reached 1,800,000 net tons, representing a 5.6% increase compared to the same week in 2025. The capability utilization rate rose to 77.8%, up from 76.5% a year ago. Year-to-date production through mid-February is up 4.0% at 11.36 million net tons.