Data: SHFE, DCE market movement (Apr 27)

[SMM Hot-Rolled Coil Daily Trading] On April 27, the combined daily trading volume of hot-rolled coil from SMM's sample enterprises across four cities (Shanghai, Lecong, Tianjin, and Ningbo) totaled 15,910 mt, up 50 mt DoD (+0.3%), up 33.47% YoY (solar calendar), and up 43.72% YoY (lunar calendar).

Today, the most-traded hot-rolled coil (HRC) contract showed an N-shaped pattern, closing at 3,394 at the end of the session, largely flat MoM. HRC spot prices were stable with a slight upward probe. In terms of supply, a steel mill in North China started new maintenance, leading to a slight narrowing of short-term supply. Demand side, market transactions were lackluster, with some markets maintaining weekend high prices, limiting demand release. Cost side, the current situation outside China remained uncertain, and cost support was relatively neutral. Looking ahead, sheets & plates are in a pattern of strong supply-demand dynamics in the short term. Current export order-taking performance was moderate, and support for finished steel products still existed. Regarding.....

JSW Steel and South Korea’s POSCO have finalized a landmark joint venture to construct a 6 million tonnes per annum (MTPA) integrated steel plant in Odisha, India. The greenfield project will focus on producing high-end flat products for the automotive and renewable energy sectors. The facility is expected to be fully operational by late 2028, leveraging POSCO’s advanced steelmaking technology and JSW’s domestic logistical network.