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SMM Daily Comment On Domestic HRC Market (Sep 18)

iconSep 18, 2023 17:56
Source:SMM
HRC futures fluctuated upward and closed at 3,903, an increase of 0.31%. In terms of spot prices, HRC quotations in mainstream areas rose slightly.

SHANGHAI, Sep 18 (SMM) – HRC futures fluctuated upward and closed at 3,903, an increase of 0.31%. In terms of spot prices, HRC quotations in mainstream areas rose slightly. As the impact of maintenance weakened, output may rebound a little this week, and the supply pressure was unlikely to be relieved in the short term. Although the current demand was weak, products with low quotations could be shipped, indicating firm rigid demand. Entering the restocking period before the National Day, demand didn’t witness obvious growth. In terms of raw materials, supply and demand were tightly balanced. With high cost support, the declining room for HRC prices was limited. As demand during the peak season fell short of expectations, the increase motivation of finished steel prices lagged behind that of raw material markets. Therefore, HRC prices are estimated to fluctuate. It is necessary to pay attention to the replenishment demand before the holidays in the second half of this week.

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