Short-Term HRC Prices to Move Rangebound with Occasional Ups

Published: Feb 21, 2023 13:14

Source: SMM

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HRC futures fluctuated with some ups yesterday and gained 0.49%.

SHANGHAI, Feb 20 (SMM) - HRC futures fluctuated with some ups yesterday and gained 0.49%. Spot transactions in various places have generally improved. The terminal and speculative demand in south China and east China markets increased, while the north China market was still dominated by speculative demand. The overall market trading was good.

HRC supply remains stable, but the higher profits of HRC might urge the steel mills to produce more finished products in the near future. The overall HRC demand is growing steadily. Demand in north China still recovered slowly, while that in south China improved greatly. The short-term fundamentals of HRC performed well. At the same time, the recent favourable macro policies have been continuously implemented, boosting market confidence. Therefore, in the short term, the prices of HRC will remain rangebound with occasional ups.

Futures Market

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