[SMM HRC Weekly Balance] This Week, HRC Production Decreased WoW, and the Inventory Decline Was Relatively Small.

• SMM HRC Weekly Balance

• HRC Production Declined MoM This Week

This week, new equipment maintenance at steel mills in central and north China, coupled with production restrictions, led to a MoM decline in HRC production.

• HRC Social Inventory Narrowly Declined This Week

According to SMM statistics, the HRC social inventory across 86 warehouses nationwide (large sample) stood at 4.5559 million mt this week, down 19,700 mt or 0.43% MoM, and down 0.94% YoY based on the lunar calendar.

This week, the national social inventory began to decline. By region, except for slight inventory buildup in central and north-east China, inventory levels in east, north, and south China all decreased. 【SMM Steel】

• HRC In-Plant Inventory Declined MoM This Week

Steel mill inventory continued to decline this week.

Note:

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

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 morning.