[SMM Sheets & Plates Daily Review] Overall Social Inventory Destocking, Short-Term Prices Operating in a Volatile Range

Today, HRC futures closed at 3,481, down 0.14% for the day. Spot market side, HRC prices were stable to down 10 yuan/mt, while cold-rolled coil prices fell 10 yuan/mt, with overall transactions being moderate. Today, HRC city inventory data was released: Zhangjiagang, Ningbo, Shanghai, and Tangshan all saw varying degrees of destocking, with Ningbo, Shanghai, and Tangshan showing greater destocking compared to pre-holiday levels. Lecong saw a slight inventory buildup due to increased arrivals this week. Overall social inventory is expected to decline this week. Demand side, futures showed a fluctuating trend today, with market transactions mainly at low prices. Looking ahead, HRC inventory is destocking, supply-demand imbalance is not significant, and combined with existing cost support, sheets & plates prices are expected to fluctuate in the short term.