HRC Futures Strongly Rebounded Today, Closing Up 2.4% At 3,835 Yuan/Mt.

HRC futures strongly rebounded today, closing up 2.4% at 3,835 yuan/mt. In terms of spot market, the quotations of HRC rose sharply today, and transactions in many places were acceptable. From the perspective of the supply side, according to SMM statistics, this week, the impact of blast furnace maintenance on molten iron was 621,300 mt, a decrease of 59,400 mt from the previous week. In terms of HRC, the impact of HRC maintenance this week was 50,000 mt, a decrease of 20,000 mt from last week. Today's price rise promoted the release of some terminal and speculative demand, but actual demand was still weak. From the perspective of raw materials, bolstered by high molten iron production and low inventory, iron ore market is expected to swing on a strong note in a short term, giving supports to HRC prices. HRC market is expected to swing on a good note in a short run term.