SMM HRC Daily Review: Ferrous Metals Rally Boosts Trading Sentiment; Eyes on Production and Export Dynamics

【SMM HRC Daily Review】Ferrous Metals Series Rally, HRC Trading Sentiment Heats Up Intraday

HRC futures strengthened today, with the most-traded contract closing at 3,359, up 0.24%. Spot market transactions improved significantly. On the news front, according to CCTV News, US President Trump stated on March 31 local time that he might announce tariff details on the evening of April 1 or April 2. Additionally, some companies issued coke price hike notices; coupled with speculation in iron ore, raw material prices significantly outperformed steel today.

From a fundamental perspective, domestic steel mill HRC production is expected to turn to growth MoM in April, while the room for further domestic demand growth is limited. Additionally, HRC exports in April may pull back due to anti-dumping impacts, leading to a gradual accumulation of imbalances in HRC. Attention should be paid to the pace of production rebound and export situation in April. In the short term, considering that HRC inventory remains healthy, prices are expected to continue fluctuating rangebound.