SMM HRC Daily Trading Volume Rises 3.9% WoW on January 16 Amid Rebounding Futures Market

[SMM HRC Daily Trading Volume] On January 16, the daily trading volume of HRC samples from four cities (Shanghai, Lecong, Tianjin, Ningbo) surveyed by SMM totaled 15,190 mt, up 570 mt or 3.9% WoW.

The futures market continued its rebound, and spot prices rose by 10-30 yuan/mt. Currently, the spot-futures price spread in some markets is moderate, and the enthusiasm for futures and spot purchases is relatively strong. Overall, trading was moderate. However, as downstream and agents gradually go on holiday, trading is expected to weaken significantly.