SMM Daily Comment On Domestic HRC Market (Sep 15)

Published: Sep 15, 2023 22:11 (GMT+8)

Source: SMM

Save

HRC futures fluctuated upward and closed at 3,892, an increase of 0.96%.

SHANGHAI, Sep 15 (SMM) – HRC futures fluctuated upward and closed at 3,892, an increase of 0.96%. In terms of spot prices, HRC quotations in mainstream areas remained volatile and high this week. This week, HRC production fell slightly and supply pressure eased. Spot market volume was flat compared with last week. The inventory reduction led to a slight increase in HRC prices, and the imbalance between supply and demand weakened. As the impact of maintenance on production capacity diminishes, production may rebound slightly next week, oversupply pressure will intensify. In the follow-up, POBC’s RRR cut boosted market confidence, coupled with favorable policies, demand markets will see a dramatic improvement in the medium term. Overall, raw material offered solid support. Towards the end of September, terminal demand may pick up driven by downstream replenishment and peak season expectations. It is expected that HRC prices will fluctuate strongly next week, and the HC2401 contract is estimated to remain volatile at 3800-4100 yuan/mt, varying range between -50 to +100.

Market forecast Market review

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

26 mins ago

National Building Materials Inventory Overview on October 22

On October 22, total rebar inventory this week was 523.15 mt, down 179,200 mt WoW, or -3.31% WoW, and -6.87% YoY on a lunar calendar basis. Total wire rod inventory this week was 1.2629 million mt, down 4.72 mt WoW, or -3.60% WoW, and -10.19% YoY on a lunar calendar basis.

26 mins ago

1 hour ago

[India Auto Retail Sales drop During Navratri 2026]

India recorded total 1.12 million units vehicle retail sales during Navratri 2026, down 7% year-on-year. Passenger Vehicle (PV) sales stood at 1,82,728 units, down 22%, while Commercial Vehicle (CV) sales reached 35,618 units, up 1%. Two-Wheeler sales declined 3%, according to the Federation of Automobile Dealers Associations of India (FADA). The auto market remains cautiously optimistic about demand during the upcoming Dhanteras–Diwali festive period.

1 hour ago

[SMM Steel] Turkish Rebar: Mill Opening Sees Quiet Intake, Domestic Offers Hold Flat as Export FOB Nudges Down

[Turkey] Market sentiment in the Turkish domestic rebar market remained subdued this week. A major integrated steelmaker in the Karabuk region opened sales orders, but achieved minimal actual trading volume, underscoring persistent weakness in end-use demand. In benchmark evaluations, the Turkish domestic rebar ex-works price held unchanged at 605 USD/tonne EXW (excluding VAT). Trading stagnation continues to reflect sluggish local construction activity over the past month and ongoing trader reluctance to build inventory. Regionally, other major producing hubs maintained a wait-and-see stance: Marmara offers held at 615–620 USD/tonne EXW, Izmir mills stayed at 605 USD/tonne EXW, and Iskenderun benchmarks stabilized at 596–602 USD/tonne EXW. On the export front, under pressure from cautious overseas counter-bids, Turkish rebar export quotes (FOB) edged lower to 600–605 USD/tonne FOB, with workable overseas buying targets firmly anchored near the 600 USD/tonne FOB baseline.

1 hour ago