【SMM Hot-rolled Coil Daily Commentary: Corrective Rebound? Trading Con

Published: Jul 31, 2024 17:10

Save

【SMM Hot-rolled Coil Daily Commentary: Corrective Rebound? Trading Conditions Improve Intraday】Today's hot-rolled coil futures market saw an initial rise followed by a decline, closing at 3479 in the afternoon, with a loss of 0.26%. The futures market fluctuated, and the trading atmosphere improved, with some speculative demand emerging. Overall, intraday trading in most mainstream hot-rolled coil cities was average. Steel enterprises are now facing increasing losses, and this week, SMM's statistics show a notable decline in blast furnace operating rates, with the daily average molten iron output of sample steel mills at 228.3, down 7,100 tonnes from the previous week. The current supply-demand dynamics of hot-rolled coils have weakened, with supply pressure remaining unresolved, while demand has shown a slight downward trend. The fundamental situation of increasing supply and weakening demand is poor, and hot-rolled coil prices continue to be under pressure. Once demand accelerates its decline, the contradiction between supply and demand will be intensified, highlighting the pressure on hot-rolled coil prices. On the macro news front, attention continues to be paid to the issuance of treasury bonds and the Fed's interest rate cuts to see if they can boost market confidence. If macroeconomic expectations remain insufficient, hot-rolled coil prices are expected to continue fluctuating and weakening.

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

47 mins ago

Magnesium Prices Rise for Three Consecutive Sessions! Cost Side Remains "Burning Hot" While Demand Side Struggles to Take Over [SMM Commentary]

47 mins ago

1 hour ago

[ Canada to Impose 50% Retaliatory Tariff on US Steel ]

The Canadian government announced a 50% retaliatory tariff on United States exports of steel and aluminum, scheduled to take effect on September 8, 2026. The aggressive trade measure directly responds to the recent collapse of bilateral metal trade negotiations and the implementation of US tariffs. The cross-border penalties threaten to heavily disrupt integrated North American steel supply chains ahead of the fast-approaching deadline.

1 hour ago

[ Bharat Coking Coal Output Grows 2.8% in August ]

Bharat Coking Coal Limited (BCCL) announced that its coking coal production increased by 2.8% year-on-year to 2.18 million tonnes in August 2026. Despite a sharp 65.9% drop in non-coking coal output, the core metallurgical segment drove total raw coal production to 2.21 million tonnes for the month. Opencast mining operations were the primary contributors to this volume, generating 2.19 million tonnes of the total yield.

1 hour ago