SMM HRC Market Comment and Forecast

Published: May 19, 2023 20:56

Source: SMM

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SHANGHAI, May 19 (SMM) – HRC futures prices closed down 0.96% at 3,722 yuan/mt today. Quotations in major spot markets were raised this week.

SHANGHAI, May 19 (SMM) – HRC futures prices closed down 0.96% at 3,722 yuan/mt today. Quotations in major spot markets were raised this week. Some steel mills in north-east and central China undertook maintenance, while some in east China completed maintenance. HRC output fell 18,200 mt this week, but may pick up next week with improving profit margins. Demand will hardly improve significantly in the near future. The economic recovery is relatively weak, and the growth rate of infrastructure and manufacturing industry has fallen. The performance of property market is also relatively poor. On the whole, short-term HRC prices may still fluctuate in a wide range.

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