SMM HRC Daily Review: HRC Futures Decline Amid Persistent Overseas Risks and Rebounding Supply

[SMM HRC Daily Review] Overseas Risks Not Yet Dissipated HRC Futures Decline Again

HRC futures market trended downward today, with the most-traded contract closing at 3,203, down 1.90%. Spot market transactions were weak. In terms of supply, the impact from maintenance on HRC this week was 193,900 mt, down 68,600 mt WoW. The impact from maintenance next week is expected to be 70,000 mt, down 123,900 mt WoW, indicating a continuous rebound in HRC supply. On the demand side, manufacturing demand in April may remain resilient, but in the short term, it will mainly be driven by essential needs due to tariff impacts. Macro-wise, the "reciprocal tariffs" will be implemented tomorrow, and attention should be paid to the actual situation and domestic countermeasures. If the tariffs exceed expectations, the logic of overseas recession may continue to overshadow market sentiment. However, the "national team" and "local state-owned capital platforms" have expressed optimism about China's capital market, leading to a reversal in stock market trends at the close. Close attention should be given to macro indicators, as HRC prices are expected to fluctuate downward in the short term.