According to SMM, today's hot coil futures were mainly sideways, with

Published: Oct 26, 2023 22:17

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According to SMM, today's hot coil futures were mainly sideways, with a slight pull-up at the end of the day, closing at 3795, up 0.05%. In terms of spot, the quotation of hot coil in the mainstream areas of the country remained stable today. According to SMM statistics, the impact of steel mill maintenance is concentrated, the output of hot coil continues to decline, and the pressure of supply continues to ease; on the demand side, after the price tends to be stable, the terminal wait-and-see sentiment is revived, mainly for just-needed procurement, and the overall situation is difficult to be optimistic. On the raw material side, the supply and demand pattern of coke is weak, the inventory of iron ore port is generally low, which has certain support for ore price, and the cost side still has resilience to support the coil price. During this week, under the condition of supply reduction and demand increase, the inventory of hot coil has decreased for three consecutive weeks, but the increase of table demand is limited, whether it can continue to maintain the inventory reduction rhythm needs to be observed, the overall inventory pressure is still large, the fundamentals are difficult to achieve essential improvement, and it is expected that the short-term hot coil price will continue to fluctuate.

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.

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