【SMM Hot Coil Daily Review: Futures Coil under Pressure, Spot Trading Weak】

Today, hot coil futures fluctuated downward throughout the day, closing at 3971, with a decrease of 1.02%. In terms of spot trading, the mainstream city prices dropped by 10-20 yuan/ton. Today, the futures market continued to decline, with weak trading in the spot market mainly driven by end-user purchases. According to SMM statistics, the impact of hot rolling maintenance this week is 195,000 tons, an increase of 98,000 tons compared to last week, and the impact of hot rolling maintenance next week is 125,500 tons, a decrease of 69,500 tons compared to this week. On the raw material side, cost support has not significantly loosened. Overall, the current demand for hot coils remains stable, but there are potential risks, with the possibility of intensifying contradictions in the fundamentals if demand weakens and is unable to cope with increased supply. In the short term, restrained by a weaker market sentiment, hot coil prices may still be under pressure, and it is necessary to continue to monitor the resilience of demand.