SMM Daily: Hot-Rolled Coil Transactions Decline 10.2% on November 11 Amid Weak Futures Market

**[SMM Daily Hot-Rolled Coil Transactions]** On November 11, the total daily volume of hot-rolled coil transactions among the sample enterprises in the four SMM cities (Shanghai, Lecong, Tianjin, and Ningbo) amounted to 11,040 tonnes, marking a daily decrease of 1,260 tonnes or -10.2% compared to the previous day.

The futures market experienced volatile weakness as stimulus policies fell short of expectations, leading to an increase in the influence of fundamental factors. Coupled with the market entering its traditional off-season, downstream buyers mostly made purchases on an as-needed basis with low willingness to replenish inventories, resulting in weaker hot-rolled coil transactions.