SMM Special: 2024 HRC Prices Exhibited "U-shaped" Trend with Decline of 8.9% YoY

[SMM Special: 2024 HRC Annual Review and Outlook]

In 2024, HRC prices showed a "U-shaped" trend. The SMM national average spot price of HRC fluctuated between 3,021-4,115 yuan/mt, with an annual average of 3,649.38 yuan/mt, down approximately 8.9% YoY compared to the 2023 average of 4,004.54 yuan/mt. According to the 2024 HRC futures and spot price trend chart, HRC prices experienced a volatile decline in Q1, stabilized with a strong trend in Q2, a sharp plunge followed by a strong rebound in Q3, but due to a lack of sustained upward momentum, prices ultimately remained stable with a weak trend in Q4.