SMM HRC Daily Review: Futures, Spot Prices Fluctuate Amid Tariff Rumors and Inventory Data

【SMM HRC Daily Review】Short Articles Keep Emerging, HRC Futures and Spot Prices Fluctuate Rangebound Within the Day.

HRC futures fluctuated rangebound today, with the most-traded contract closing at 3,352, up 0.24%. Spot market transactions weakened compared to yesterday. On the news front, rumors circulated again today, involving potential new actions on US tariffs and possible policy responses from the PBOC to address tariff risks, leading to a strong wait-and-see sentiment in the market.

From a fundamental perspective, HRC inventory data for some major cities was released today. This week, Shanghai's HRC inventory stood at 33.58 mt, down 1.88 mt WoW, a decrease of 5.30%. Lecong's HRC inventory was 85.05 mt, down 73,600 mt WoW, a drop of 7.96%. Shenyang's HRC inventory was 85,800 mt, up 1,300 mt WoW, an increase of 1.54%. Domestic steel mills are expected to increase HRC production in April, while domestic demand has limited room for further growth. Coupled with the impact of anti-dumping, short-term HRC prices are likely to continue sideways movement, with attention on the potential intensification of imbalances around mid-month, which could push up price resistance.