[SMM HRC Weekly Balance] As Chinese New Year Approaches, Downstream Demand Shows Resilience Again, HRC Social Inventory Down WoW

01

This Week's HRC Production Continued to Rise MoM

This week, some steel mills resumed production after maintenance, leading to a rebound in HRC production.

02

This Week's HRC Social Inventory Declined MoM

This week, SMM's statistics showed the HRC social inventory across 86 warehouses nationwide (large sample) at 2.9195 million mt, down 38,000 mt MoM (-1.28%) and down 18.56% YoY based on the lunar calendar. This week, the national social inventory decreased. By region, east China and north-east China saw destocking, while south China, central China, and north China continued the inventory buildup trend. 【SMM Steel】

03

This Week's HRC In-Plant Inventory Increased MoM

As the Chinese New Year approaches, some steel mills accelerated their shipment pace. However, the overall in-plant inventory still saw a slight MoM increase this week.

Note:

1. SMM's weekly HRC production/apparent demand/inventory data are based on a sample of 40 steel mills and 86 major domestic market warehouses.

2. As of October 31, 2024, SMM's weekly HRC production and steel mill inventory data covered 85% of the national HRC capacity.

3. SMM conducts surveys every Wednesday and releases the data on Thursday mornings.