SMM HRC Daily Review: Futures, Spot Prices Decline with Moderate Transactions Amid Macro Challenges

【SMM HRC Daily Review】Futures and Spot Prices Fluctuated Downward, Spot Market Transactions Were Moderate Today

HRC futures fluctuated downward today, with the October contract closing at 3,360. Spot market transactions were weak. On the macro front, five departments jointly issued a document, introducing the strictest supervision on export payments, with the steel industry being a key target, negatively impacting steel exports. US President Trump announced reciprocal tariff measures, imposing a 10% benchmark tariff globally and an additional 34% tariff on China. Cost side, pig iron production continued to increase, and coke prices are expected to rise, providing stable cost support for HRC. Fundamental-wise, end-use demand was moderate. In summary, before mid-April, the fundamental imbalance in HRC is not yet apparent, with strong demand resilience. HRC prices are expected to continue fluctuating rangebound next week.